McFarlane Lake Mining (CSE:MLM) has entered into a bought deal private placement to raise C$15 million ($15.3 million) for exploration at its Juby Gold Project in Ontario, Canada.
The company has agreed with ATB Cormark Capital Markets, as lead underwriter and sole bookrunner, to issue 20.95 million flow-through shares at C$0.525 per share for gross proceeds of C$11 million, and 10.53 million common shares at C$0.38 each for gross proceeds of C$4 million.
The underwriters have an option to purchase up to an additional 5.92 million common shares at C$0.38 each for additional gross proceeds of up to C$2.25 million.
McFarlane Lake will use the flow-through proceeds for eligible Canadian exploration expenses at Juby. The net proceeds from the common shares will be used for working capital and general corporate purposes.
The offering is expected to close on or about 9 September 2026, subject to regulatory approvals.
The Juby Gold Project holds an inferred mineral resource of 5.06 million ounces (Moz) of gold (Au) @ 0.87g/t contained in 180.67 million tonnes (Mt), and indicated resources of 1.14Moz @ 0.95g/t Au contained in 37.17Mt, using a long-term gold price of US$3,600 ($5,059) per ounce.
McFarlane Lake Mining is a Canadian gold exploration company advancing a portfolio of 100%‑owned Ontario assets.
Write to JC Villarba at Mining.com.au
Images: McFarlane Lake Mining
