Mayo Lake Minerals arranges $300,000 private placement

Executive Summary

• Mayo Lake Minerals Inc. announced a private placement of up to $300,000 in common share (CS) units and flow‑through (FT) units.
• Each CS unit is priced at C$0.05 and includes one common share plus half a warrant (full warrant exercisable at C$0.07); each FT unit is also priced at C$0.05 with warrants exercisable at C$0.08.
• Proceeds will be allocated to working capital and general operating costs (CS units) and eligible exploration expenditures under the Canadian Exploration Expense (CEE) regime (FT units).

Key Details

• Offering Size: Up to $300,000 total proceeds.
• Units Offered: Combination of CS units and FT units; exact mix not disclosed.
• Pricing: C$0.05 per unit for both CS and FT units.
• CS Unit Composition: 1 common share + ½ common‑share purchase warrant (full warrant exercisable into one common share at C$0.07 for 36 months post‑closing).
• FT Unit Composition: 1 flow‑through share + ½ common‑share purchase warrant (full warrant exercisable into one common share at C$0.08 for 36 months post‑closing).
• Statutory Hold Period: Securities subject to a four‑month‑plus‑one‑day hold period in Canada after closing.
• Closing Date: Proposed closing on October 17, 2026 (subject to directors’ discretion and CSE approval).
• Use of Proceeds – CS Units: Primarily for working capital and general operating expenses.
• Use of Proceeds – FT Units: To fund eligible exploration expenditures qualifying as Canadian Exploration Expenses under the Income Tax Act.
• Offering Method: Best‑efforts basis to eligible purchasers across all Canadian provinces and territories, relying on prospectus exemptions.
• Regulatory Conditions: Offering pending approval by the Canadian Securities Exchange (CSE).

Notable Quotes

(No executive quotes were provided in the release.)