Toronto, Ontario--(Newsfile Corp. - January 2, 2018) - McLaren Resources Inc. (CSE: MCL) (FWB: 3ML) ("McLaren" or the "Company") announces that it has closed a non-brokered private placement financing of $350,000. The financing consists of flow-through share units in the amount of $310,000 and Common share units in the amount of $40,000 for aggregated gross proceeds of $350,000.
The Company has issued a total of 3,100,000 flow-through share units at a price of $0.10 per unit and 400,000 common share units at a price of $0.10 per unit. Each flow-through unit consists of a common share issued on a flow-through basis pursuant to the Income Tax Act (Canada) and one-half of a common share purchase warrant with each whole warrant exercisable at a price of $0.15 per common share for a period of 18 months from the date of issuance. Each common share unit consists of one common share and one common share purchase warrant which entitles the holder to purchase one common share in the capital of the Company at an exercise price of $0.15 per share for a period of 18 months from the date of issuance.
Gross proceeds from the flow-through units will be used by the Company for exploration expenditures on its gold properties located in the Timmins Gold District in Northern Ontario. Gross proceeds from the common share units will be used for general corporate purposes.
In connection with the financing, McLaren paid finder's fees consisting of $9,100 in cash and $15,400 by way of issuance of 154,000 common shares at a value of $0.10 per share to qualified registrants. As a result of the financing, Accilent Capital Management Inc., a principal shareholder of the Company, as a finder and also a subscriber of flow-through share units through its affiliate Pavilion Flow-Through LP, has increased its direct and indirect holding of the voting securities of the Company from 7,076,730 shares to 9,312,730 shares which represents 20% of the shares outstanding, and additionally has increased the number of warrants held from 3,189,000 to 4,289,000 warrants, which if fully exercised, would result in a 26% interest in the Company on a fully diluted basis.
The Company has also issued 500,000 common shares at a deemed price of $0.10 per share for $50,000 of services to the Company by several service providers.
McLaren is focused on exploration work on its gold properties located in the Timmins Gold District including the TimGinn Property which hosts the former Gilles Lake Mine and is located adjacent to the Hollinger Mine operated by Goldcorp. Also located in Central Timmins is the Augdome Property which hosts gold mineralized zones located adjacent to the Dome Mine operated by Goldcorp. In East Timmins is the Blue Quartz property which hosts the former Blue Quartz Mine located 10 km north of the Black Fox Mine operated by McEwen Mining.
For more information, please contact: Radovan Danilovsky, Interim President, Phone: 905-903-6423
MCLAREN RESOURCES INC.
44 Victoria Street, Suite 1616
Toronto, Ontario M5C 1Y2
The Canadian Securities Exchange has neither approved nor disapproved the contents of the press release. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute "forward looking statements". When used in this document, the words "anticipated", "expect", "estimated", "forecast", "planned", and similar expressions are intended to identify forward looking statements or information. These statements are based on current expectations of management; however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. McLaren Resources Inc. does not undertake any obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.