McLaren closes $582,500 private placement

Executive Summary

• McLaren Resources Inc. has completed the initial closing of a non-brokered private placement, raising $582,500 through the issuance of 11.65 million common share units.
• The company is actively arranging additional funds to reach a total financing target of $750,000.
• Proceeds are designated for general working capital and exploration activities on the company's gold properties in the Timmins region of Ontario.

Key Details

• Transaction Structure: Non-brokered private placement consisting of 11.65 million common share units.
• Price: $0.05 per unit.
• Gross Proceeds: $582,500.
• Unit Composition: Each unit consists of one common share and one common share purchase warrant.
• Warrant Terms: Exercisable at $0.10 per common share for a period of 24 months from issuance.
• Finder’s Fees:
  • $2,200 paid to Stephen Avenue Securities Inc.
  • 104,000 common share units issued to Haywood Securities Inc.
  • 400,000 common share units issued to Accilent Capital Management Inc.
• Shareholder Impact: Accilent Capital Management Inc. increased its direct and indirect voting security holding from 28.99% to 30.72% (or 28.48% to 31.01% on a fully diluted basis).
• Use of Proceeds: General working capital, including exploration work on properties in the Timmins gold region (Blue Quartz, McCool, and Kerrs properties).
• Option Grants: Options granted to buy 2.2 million common shares to officers and consultants.
• Option Terms: Exercise price of $0.10 per share with a two-year term.

Notable Quotes

• None provided in the text.