Exploration and development company McFarlane Lake has announced a private placement of up to C$4.5-million, in which Robert McEwen will participate.
The company intends to offer up to 50-million units at C$0.05 each and up to 33.33-million flow-through shares at C$0.06 a share to raise the funds.
McFarlane says it will enter into a definitive subscription agreement with lead investor McEwen, who has agreed to subscribe for C$1-million worth of securities.
“We are delighted that Rob McEwen is participating in the offering and look forward to working with him as we continue to build out our gold resources at High Lake and develop our Canadian gold properties”, says McFarlane Lake chairperson and CEO Mark Trevisiol.
McEwen comments in a statement that he was attracted to McFarlane Lake because of its high-grade intercepts and the fact that it is located close to where Goldcorp had enjoyed phenomenal exploration success.
“As Canadians we need our governments to move with greater urgency to develop our natural resources. Mining provides high-paying jobs, employs a wide range of skills and has a large multiplier effect on the economy,” he says.
McFarlane Lake will use the net proceeds from the offering to further explore the High Lake property, located immediately east of the Ontario-Manitoba border.