McLaren arranges $299,000 private placement

Executive Summary

• McLaren Resources Inc. has closed a non-brokered private placement financing consisting of 4.6 million flow-through units.
• The units were issued at a price of 6.5 cents per unit, generating gross proceeds of $299,000.
• Proceeds will be utilized for exploration work on the company's gold properties in the Timmins gold region of Northeastern Ontario.

Key Details

• Transaction Structure: Non-brokered private placement of 4.6 million flow-through units.
• Price: 6.5 cents per unit.
• Gross Proceeds: $299,000 CAD (4,600,000 units × $0.065).
• Unit Composition: Each flow-through unit consists of one common share and one-half of one common share purchase warrant.
• Warrant Terms: Each whole warrant is exercisable into one common share at an exercise price of 10 cents.
• Warrant Expiry: 24 months from the date of issuance.
• Use of Proceeds: Exploration work on properties located in the Timmins gold region of Northeastern Ontario, Canada.
• Property Portfolio:
  • Blue Quartz gold mine property (100% interest, 640 hectares, past-producing).
  • McCool gold property (1,770 hectares).
  • Kerrs gold property (775 hectares).
  • Properties are located along the Destor-Porcupine deformation zone, approximately 80 km east of Timmins.

Notable Quotes

• None provided in the text.