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McFarlane Mining Raising C$15 Million Through Private Placement of Shares

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McFarlane Mining (MLM.CN) said Wednesday after trade it is raising C$15 million through a private placement of shares.

The company will raise C$11 million through the issue of 21-million flow-through shares at C$0.525 apiece, and a further C$4 million through the sale of 10.5-million common shares at C$0.38 each. The underwriters have been granted an over-allotment option of 5.9 million shares at the same price, which, if fully exercise would raise C$2.25 million.

The offering is expected to close on Sept. 9.

The company overnight Tuesday said it was extending the maturity date of the outstanding $1.7 million of its 15% senior debentures from Oct. 26, 2026, to Oct. 31, 2027.

The amendment also eliminates McFarlane's obligation to fund and top up the interest reserve, a statement said.

McFarlane Mining shares closed up C$0.05, to C$0.45, on the TSX Venture Exchange.

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