McLaren closes $587,000 financing - exploration to start on Timmins property
McLaren Resources Inc. has closed a non-brokered private placement financing consisting of flow-through share units and common share units for $587,000.
Gross proceeds from the flow-through units will be used by McLaren for exploration expenditures on its gold properties in Timmins. Net proceeds from the common share units will be used for general corporate purposes.
The company has issued a total of 6,540,000 Common Share Units and 5,200,000 Flow-Through Units. Both, the Flow-Through Units and the Common Share Units were issued at a price of $0.05 per unit. Each Flow-Through Unit consists 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 Common Share Unit consists of one common share in the capital of McLaren and one common share purchase warrant. Each whole warrant is exercisable at a price of $0.10 per common share for a period of 18 months from the date of issuance.
In connection with the financing, McLaren paid finder's fees consisting of $21,875 in cash, including a finder's fee of $1,750 to Accilent Capital Management Inc.
The Company also announces that it has granted 1,550,000 stock options to consultants of McLaren. Each option entitles the holder to purchase one common share in the capital of McLaren at an exercise price of $0.10 per share for a period of two years from the date of issuance. In addition, the Company has issued $50,000 value in shares at $0.05 per share of McLaren to directors and consultants of McLaren in exchange for services rendered to McLaren.
About McLaren
McLaren is focused on exploring its gold properties located in the Timmins Gold District of Northeastern Ontario. The McCool Property located 2 km north of Highway 101 and neighbours several large gold deposits including the Golden Highway project property 1km to the south and the Fenn Gib gold project 5 km to the east. The Black Fox mine is 15 km to the west and the Hope Mine Complex is 20 km to the east. The McLaren Blue Quartz Property is 6 km north of Black Fox Mine, and the McLaren Kerrs Property is 10 km east of the Blue Quartz Property.
Tags: Northern Ontario / Exploration / Gold / All Articles