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McLaren Resources Inc. (CSE: MCL) (FSE: 3ML) ("McLaren" the "Company") announces closing of a non-brokered private placement financing consisting of 2,323,000 Flow-Through Units (the "FT Unit") for gross proceeds of $150,995. The Flow-Through Units are issued at a price of $0.065 per unit, with each FT 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 ("Warrant") is exercisable at a price of $0.10 per common share for a period of 24 months from the date of issuance.
The Company has granted options to buy 2,200,000 common shares of McLaren to officers, directors, and consultants. The options can be exercised at $0.10 per share, with 500,000 options having a term of five years and 1,700,000 options having a term of three years from issuance.
In addition, 2,540,000 common shares of McLaren have been issued to officers, directors, and consultants for services provided. Each common share issued is valued at $0.05 per share.
In connection with the financing, McLaren paid Accilent Capital Management Inc. ("Accilent"), a finder's fee of 124,000 common shares and 124,000 Warrants of the Company. After giving effect to the securities issued as set out and described in this news release, Accilent, a principal shareholder of the Company as a finder and also as a subscriber of Flow-Through Units through its affiliate Pavilion Flow-Through L.P., has increased its direct and indirect holding of the voting securities of McLaren from 28.76% to 28.99% of shares outstanding, or 28.31% to 28.46% on a fully diluted basis.
Gross proceeds from the financing will be used by McLaren for exploration work on the Company's properties which are located in the prolific Timmins Gold Region of Northeastern Ontario, Canada, where over 70 million ounces of gold have been produced to date.
ABOUT McLAREN
McLaren is focused on exploration work on its gold properties in the Timmins Gold Region of Northeastern Ontario. McLaren owns a 100% interest in the past-producing 640 ha Blue Quartz Gold Mine property as well as the 1,770 ha McCool gold property and the 775 ha Kerrs gold property, which are located approximately 80 km east of Timmins city centre. The properties are proximal to the Destor-Porcupine Deformation Zone which is host to many of the gold deposits within the Abitibi Greenstone Belt.
For more information, please contact:
Radovan Danilovsky, President
Phone: 416-203-6784
info@mclarenresources.com
McLaren Resources Inc.
30 Duncan Street, Suite 606 Toronto, Ontario M5V 2C3
The Canadian Securities Exchange has neither approved nor disapproved the contents of the press release. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release. Certain statements contained in this news release constitute "forward-looking statements". When used in this document, the words "anticipated", "expect", "estimated", "forecast", "planned", and similar expressions are intended to identify forward-looking statements or information. These statements are based on current expectations of management; however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. McLaren Resources Inc. does not undertake any obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.
This news release is not for distribution in the United States.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/279758
