- McLaren Resources (MCL) has closed a non-brokered private placement financing for gross proceeds of $527,940
- Under the final tranche, the company issued 1,541,000 FT units at a price of $0.07 per unit for gross proceeds of $107,870
- Gross proceeds from the financing will be used for exploration expenditures on the company’s McCool, Blue Quartz and Kerrs gold properties
- McLaren holds an interest in several gold properties in northern Ontario
- McLaren Resources Inc. (MCL) opened trading at C$0.06
McLaren Resources (MCL) has closed a non-brokered private placement financing for gross proceeds of $527,940.
Under the final tranche, the company issued 1,541,000 FT units at a price of $0.07 per unit for gross proceeds of $107,870. Each Ft unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable to acquire an additional share at $0.10 for two years.
Gross proceeds from the financing will be used for exploration expenditures on the company’s McCool, Blue Quartz and Kerrs gold properties located in the Timmins Gold District in Northern Ontario.
McLaren paid finder’s fees consisting of $2,402.40 in cash, 58,000 shares and 92,500 warrants.
The company also paid $2,000 and issued 80,000 shares of McLaren to two prospectors in conjunction with the acquisition of an additional 7 mineral claims to further expand its 100 per cent-owned McCool gold property.
McLaren owns a 100 per cent interest in the 640-ha Blue Quartz Gold Mine property as well as the 1,650-ha McCool and 775-ha Kerrs gold properties, all located within the Abitibi Greenstone Belt along the Destor-Porcupine Deformation Zone, approximately 85 km east of Timmins. McLaren also owns a 100 per cent interest in the 408-ha Augdome gold property 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.
McLaren Resources Inc. (MCL) opened trading at C$0.06.
