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McFarlane Lake Mining Raises CA$17.3 Million Via Bought Deal Private Placement

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McFarlane Lake Mining (MLM.CN) closed a bought-deal private placement of flow-through and common shares, raising CA$17.3 million, it said Wednesday.

The company sold underwriter 23.3-million flow-through shares priced at CA$0.525 each, for CA$12.3 million and 13.2-million common shares at CA$0.38 for CA$5 million. The underwriters also exercised their over-allotment option to buy an additional 2.4-million FT shares and an additional 2.6-million common shares, for additional proceeds of CA$2.3 million, it said.

The company intends to use proceeds of the common-share sale for working capital and general corporate needs.

Shares of the company were last seen up 5.6% at CA$0.57 on the Canadian Securities Exchange.

Price: $0.57, Change: $+0.03, Percent Change: +5.56%

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