Wednesday, October 18, 2023 1:00:31 AM
Rob McEwen invests in junior gold explorer McFarlane Lake
with MMGYS soundtrack
Staff Writer | October 17, 2023 | 2:38 pm Exploration Markets Canada Gold
Canadian gold explorer McFarlane Lake Mining (NEO: MLM) announced Tuesday that it intends raise C$4.5 million through the sale of a combination of units and flow-through shares of the company, with McEwen chairman Rob McEwen acting as the lead investor.
In total, McFarlane Lake intends to issue 50 million units priced at C$0.05 each and approximately 33.3 million flow-through shares priced at C$0.06 apiece. McEwen, who has been associated with the gold industry throughout his career, has agreed to subscribe for C$1 million worth of the securities.
Shares of McFarlane Lake soared by 30.8% to C$0.085 at market close, giving the junior gold miner a market capitalization of C$9.6 million.
Net proceeds will be used by the company to further explore the High Lake gold property, which straddles the Ontario-Manitoba border and could potentially be developed together with its West Hawk Lake project located on the Manitoba side.
Exploration on the High Lake property has led to the identification of a mineralized zone with potential for open-pit mining. To date, the deposit contains an estimated indicated resource of 152,000 tonnes grading 9.38 g/t gold and inferred resource of 287,000 tonnes at 10.43 g/t gold.
“We are delighted that Rob McEwen is participating in the offering and look forward to working with him as we continue to build out our gold resources at High Lake and develop our Canadian gold properties,” Mark Trevisiol, CEO of McFarlane Lake, said in a news release.
McEwen’s company currently holds three producing mines in Nevada, Ontario, and Argentina, as well as a 68% interest in the large Los Azules copper project in Argentina.
“I was attracted to McFarlane Lake because of its terrific high-grade intercepts and the fact that it is in Canada and located close to where Goldcorp Inc. enjoyed such phenomenal exploration success and profitability,” McEwen said in a statement.
https://www.mining.com/rob-mcewen-invests-in-junior-gold-explorer-mcfarlane-lake/
Recent MUX News
- McEwen Mining Announces AGM Voting Results, Meeting Resources Now Available • GlobeNewswire Inc. • 07/02/2024 09:28:40 PM
- McEwen Copper Announces $70 Million Financing to Advance the Los Azules Copper Project • GlobeNewswire Inc. • 06/24/2024 09:36:01 PM
- Fox Complex: Extending Mine Life; A New Mine at the Stock Property; Exploration Has Driven the Prospect of Earlier Cash Flow • GlobeNewswire Inc. • 06/20/2024 08:00:00 PM
- McEwen Mining Announces Closing of Flow-Through Financing • GlobeNewswire Inc. • 06/14/2024 12:47:32 PM
- IBN Announces Latest Episode of The MiningNewsWire Podcast featuring Rob McEwen, Chairman and Chief Owner of McEwen Mining Inc. • GlobeNewswire Inc. • 06/13/2024 12:00:00 PM
- McEwen Mining Announces Flow-Through Financing at $14.36 (Cdn$19.59) per Share a 19% Premium to Market • GlobeNewswire Inc. • 05/29/2024 02:52:49 AM
- McEwen Mining: Grey Fox Exploration Update Extending the Production Pipeline: Good Grades Near Surface, Potential at Depth • GlobeNewswire Inc. • 05/27/2024 11:00:00 AM
- Form S-4 - Registration of securities, business combinations • Edgar (US Regulatory) • 05/22/2024 09:23:55 PM
- McEwen Copper Announces Completion of the Feasibility Drilling Program • GlobeNewswire Inc. • 05/16/2024 05:30:40 PM
- McEwen Mining: Q1 2024 Results • GlobeNewswire Inc. • 05/08/2024 08:25:33 PM
- McEwen Mining Q1 2024 Results Conference Call • GlobeNewswire Inc. • 05/06/2024 03:14:03 PM
- McEwen Mining Announces Friendly Acquisition of Timberline Resources • GlobeNewswire Inc. • 04/16/2024 04:31:59 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/01/2024 02:29:09 PM
- McEwen Mining: 2023 Year End and Q4 Results • GlobeNewswire Inc. • 03/01/2024 02:29:28 AM
- McEwen Mining 2023 Results Conference Call • GlobeNewswire Inc. • 02/28/2024 06:57:19 PM
- McEwen Mining: Stock Exploration Update • GlobeNewswire Inc. • 02/28/2024 12:00:00 PM
- McEwen Copper: Update on Assay Results at Los Azules • GlobeNewswire Inc. • 02/26/2024 03:00:00 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 02/22/2024 09:15:34 PM
- McEwen Copper Reports Improved Copper Recovery • GlobeNewswire Inc. • 02/22/2024 06:24:48 PM
Glidelogic Corp. Becomes TikTok Shop Partner, Opening a New Chapter in E-commerce Services • GDLG • Jul 5, 2024 7:09 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM
BNCM and DELEX Healthcare Group Announce Strategic Merger to Drive Expansion and Growth • BNCM • Jul 2, 2024 7:19 AM
NUBURU Announces Upcoming TV Interview Featuring CEO Brian Knaley on Fox Business, Bloomberg TV, and Newsmax TV as Sponsored Programming • BURU • Jul 1, 2024 1:57 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM