07:46:38 EDT Fri 03 May 2024
Enter Symbol
or Name
USA
CA



McLaren Resources Inc
Symbol MCL
Shares Issued 84,836,511
Close 2023-07-18 C$ 0.06
Market Cap C$ 5,090,191
Recent Sedar Documents

McLaren closes $250,000 placement, CFO McDonald resigns

2023-07-19 20:22 ET - News Release

Mr. Radovan Danilovsky reports

MCLAREN RESOURCES CLOSES FINANCING

McLaren Resources Inc. has closed a non-brokered private placement financing consisting of flow-through share units for gross proceeds of $250,050.

The company has issued a total of 3,334,000 flow-through units. The flow-through units were issued at a price of 7.5 cents per unit, with each flow-through unit consisting of one common share in the capital of McLaren issued on a flow-through basis pursuant to the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each whole warrant is exercisable at a price of 10 cents per common share for a period of 24 months from the date of issuance.

Gross proceeds from the financing will be used by McLaren for exploration expenditures on its McCool, Blue Quartz and Kerrs gold properties located in the prolific Timmins gold district in Northern Ontario.

As a result of the financing, Accilent Capital Management Inc., a principal shareholder of the company as a finder and also as a subscriber of flow-through units through its affiliate Pavilion Flow-Through LP, has increased its direct and indirect holding of the voting securities of the company to 28.9 per cent.

In connection with the financing, McLaren paid finders' fees consisting of 334,000 common shares of the company to Accilent Capital Management Inc.

The company also announces retirement of David McDonald from the position of chief financial officer. Mr. McDonald remains with the firm on a consulting basis throughout this transition. The company would like to thank Mr. McDonald for his years of service to McLaren. In the interim, Radovan Danilovsky, president of McLaren, has assumed the position of CFO.

About McLaren Resources Inc.

McLaren has been focused on exploration work on its gold properties in the Timmins gold region of Northeastern Ontario. McLaren owns a 100-per-cent interest in the past-producing, 640-hectare Blue Quartz gold mine property as well as the 1,770-hectare McCool and 775-hectare Kerrs gold properties, all located within the Abitibi greenstone belt along the Destor-Porcupine deformation zone, which is host to many of the gold deposits in the area, approximately 85 kilometres east of Timmins city centre. McLaren also owns a 100-per-cent interest in the 408-hectare Augdome gold property which is located in Tisdale and Whitney townships immediately east of the Dome mine owned by Newmont. The Augdome property is currently under a four-year option to Newmont.

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