McLaren Resources closes $150,995 private placement

Executive Summary

• McLaren Resources Inc. has closed a non-brokered private placement financing, raising gross proceeds of $150,995 through the issuance of 2,323,000 flow-through units.
• The company issued significant equity incentives to insiders, including options to purchase 2.2 million common shares and the issuance of 2.54 million common shares for services rendered to officers, directors, and consultants.
• Proceeds are designated for exploration work on the company's gold properties in the Timmins gold region of Northeastern Ontario.

Key Details

• Financing Structure: Non-brokered private placement consisting of 2,323,000 flow-through (FT) units.
• Gross Proceeds: $150,995.
• Unit Price: 6.5 cents per unit.
• Unit Composition: Each FT unit consists of one common share (issued on a flow-through basis pursuant to the Income Tax Act (Canada)) and one-half of one common share purchase warrant.
• Warrant Terms: Each whole warrant is exercisable at a price of 10 cents per common share for a period of 24 months from the date of issuance.
• Use of Proceeds: Exploration work on properties located in the Timmins gold region of Northeastern Ontario, Canada.
• Option Grants: Options granted to buy 2.2 million common shares to officers, directors, and consultants.
  • Exercise Price: 10 cents per share.
  • Terms: 500,000 options have a 5-year term; 1.7 million options have a 3-year term.
• Share Issuances for Services: 2.54 million common shares issued to officers, directors, and consultants for services provided.
  • Valuation: 5 cents per share.
• Finder’s Fee: Accilent Capital Management Inc. received a fee consisting of 124,000 common shares and 124,000 warrants.
• Shareholder Impact: Accilent Capital Management Inc. (as finder and subscriber via affiliate Pavilion Flow-Through LP) increased its direct and indirect holding of voting securities from 28.76% to 28.99% (or 28.31% to 28.46% on a fully diluted basis).