McLaren Resources (CSE: MCL) last night announced that it closed a private placement, raising gross proceeds of $587,000 through the sale of both flow through and common share units of the company. Proceeds from the financing are to be used to further exploration on the firms portfolio of gold properties in the Timmins Gold District, located in Northern Ontario.
A total of 6.54 million common share units and 5.2 million flow through units of the company were sold under the private placement. Both units were sold at a price of $0.05 per unit. The difference in terms of equity lies in the warrant, with flow through units containing a half warrant while common share units come with a full warrant. Under both sets of units the warrant has an exercise price of $0.10, and contains an expiry of 18 months from the date of issuance.
Proceeds from the flow through units are to be used for exploration purposes only on McLaren’s properties in Ontario, while the gross proceeds from the common share units are said to be used for general corporate purposes.
McLaren Resources last traded at $0.05 on the CSE.
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