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Mining & Metals

McFarlane Lake Mining Increases Gold Mineralization at Juby Gold Project

McFarlane Lake Mining (MLM.CN) on Monday said results from an exploration campaign at the Juby Gold Project in Ontario showed that recent drilling has increased mineralization on the western side of the deposit.Drilling also confirmed a broader and more continuous gold-bearing system than previously defined by the company, it said. One hole intersected 155 meters of 0.59 grams per tonne gold, it said."The strong initial results at the 826 Zone have compelled the company to undertake additional drilling there as we look to build on gold mineralization identified and announced earlier," Chief Executive Mark Trevisiol said in a statement.Price: $0.22, Change: $-0.02, Percent Change: -6.52%

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Mining & Metals

McFarlane Lake Mining Raises $6.75 Million Via Non-Brokered Private Placement Financing Led by Michael Gentile and Pierre Beaudoin

McFarlane Lake Mining (MLM.CN) closed a non-brokered private placement financing for $6.75 million, led by a strategic investment from mining investors Michael Gentile, who subscribed for $6.35 million of the offering, with Pierre Beaudoin subscribing for the balance, it said on Friday.The investors purchased units of the company at $0.12 apiece for $6.8 million. Each unit consisted of one common share and one common share purchase warrant with each warrant entitling the holder to buy a share for $0.16 for a three-year period from the date of issuance.Proceeds of the offering may be used to repay a portion of its outstanding debentures, to advance its exploration and development programs at the Juby Gold project and for general working capital needs. Following the completion of the offering, Gentile now holds 52.9-million common shares, about 9.83% of the issued and outstanding common shares of the company.Shares of the company closed down 2.1% to $0.235 on Thursday on the Canadian Securities Exchange.

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