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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 11,650,000 Common Share Units (the "Unit") for gross proceeds of $582,500. The Common Share Units are issued at a price of $0.05 per unit, with each Unit consisting of one common share in the capital of McLaren and one common share purchase warrant exercisable at a price of $0.10 per common share for a period of 24 months from the date of issuance.
The Company is currently arranging additional funds to raise up to $750,000 total.
In connection with the financing, McLaren paid $2,200 in finders fees to Stephen Avenue Securities Inc., 104,000 Common Share Units to Haywood Securities Inc. and to Accilent Capital Management Inc. ("Accilent"), a finder's fee of 400,000 Common Share Units 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 28.99% to 30.72% of shares outstanding, or 28.48% to 31.01% on a fully diluted basis.
Gross proceeds from the financing will be used by McLaren for general working capital purposes including exploration work on the Company's properties which are located in the Timmins Gold Region of Northeastern Ontario, Canada.
The Company has granted options to buy 2,200,000 common shares of McLaren to officers and consultants. The options have an exercise price of $0.10 per share and have a term of two years.
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, plus 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/286349
