McFarlane Lake Mining Limited announced a non-brokered private placement basis to issue 22,222,222 units at an issue price of at CAD 0.045 per unit for the gross proceeds of CAD 999,999.99 and 20,000,000 flow-through shares at an issue price of CAD 0.05 per FT Share for the gross proceeds of CAD 1,000,000; aggregate gross proceeds of CAD 1,999,999.99 on May 16, 2024. Each Unit will consist of one common share and one-half of one common share purchase warrant. Each Warrant will be exercisable by the holder to acquire one Common Share at a price of CAD 0.07 per Common Share for a period of 18 months from the closing of the Offering, which is expected to occur on or about June 7, 2024.

The Offering may be closed in multiple tranches at the sole discretion of the Company. The Offering is subject to acceptance by Cboe Canada Inc. and all regulatory approvals, and all of the securities issued in connection with the Offering will be subject to applicable statutory holding periods or any other resale restrictions imposed under applicable securities legislation. In connection with the Offering, the Company may pay finders?

fees equal to: (i) 3.0% of the aggregate gross proceeds of the Offering payable in cash; (ii) 3.0% of the aggregate Securities sold payable in Units; or (iii) any combination of cash and Units calculated in the manner set forth in (i) or (ii), as applicable.