On June 27, 2024, McFarlane Lake Mining Limited closed the transaction. The company has issued 8,266,666 units at a price of CAD 0.045 per unit for the gross proceeds of CAD 371,999.97 and 200,000 FT shares at a price of CAD 0.05 per FT share for the gross proceeds of CAD 10,000, for total gross proceeds of CAD 381,999.97 in its second and final tranche closing. Due to strong investor demand, the company upsized the Offering to CAD 1,552,040.

Each warrant is exercisable by the holder to acquire one common share at a price of CAD 0.07 per common share until December 27, 2025. Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the final tranche will be subject to a four month hold period ending on October 28, 2024. The Offering remains subject to final acceptance by Cboe Canada Inc. and all regulatory approvals.

Certain insiders of the company subscribed for approximately CAD 185,000 worth of a combination of units and FT shares in the final tranche.