McLaren Resources Closes $200,000 Financing
Toronto, Ontario--(Newsfile Corp. - January 5, 2017) - McLaren Resources Inc. (CSE: MCL) (FSE: 3ML) ("McLaren" / the "Company"), announces that the Company has completed a non brokered private placement of flow though units in the amount of $175,000 plus a $25,000 placement of common share units for aggregated gross proceeds of $200,000.
The Company issued 3,500,000 flow through units at a price of $0.05 per unit. Each flow through unit consists of one common share in the capital of the Company issued on a flow through basis pursuant to the Income Tax Act (Canada) and one half of a common share purchase warrant. Each full warrant issued in connection with the flow through units entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.10 per share for a period of 24 months from the date of issuance.
The Company also issued 500,000 common share units at a price of $0.05 per unit. Each common share unit consists of one common share and one common share purchase warrant which entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.10 per share for a period of 24 months from the date of issuance.
Gross proceeds from the flow through units will be used by the Company for exploration expenditures on its properties located in the Timmins Gold District in Northern Ontario. The proceeds from the common share units will be used for general corporate purposes.
In connection with the financing, McLaren paid a finder's fee by way of issuance of 280,000 common shares at a value of $0.05 per share. As a result of the financing Accilent Capital Management Inc., a principal shareholder of the Company as finder and also as subscriber of flow through units and common share units through its affiliate Pavillion Flow-Through LP., has increased its direct and indirect holding of voting securities of the Company from 13.1% to 21.59% on a fully diluted basis.
In addition to the shares issued in connection with the financing, the Company has issued 300,000 shares to Timginn Explorations Limited as payment valued at $15,000 pursuant to the property option renewal agreement announced on December 7, 2016.
Contact information:
McLaren Resources Inc.
65 Queen Street West, Suite 520
Toronto, Ontario M5H 2M5
Tel: 416 203 6784
The CSE has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. The CSE does not accept responsibility for the adequacy or accuracy of this release.
