TORONTO, CANADA, February 17, 2023 – McFarlane Lake Mining Limited (NEO: MLM) (OTCQB: MLMLF) (“McFarlane Lake” or the “Company“), a Canadian gold exploration and development company, is pleased to announce that on Friday, February 17, 2023, it closed the first tranche (the “First Tranche“) of its previously announced non-brokered private placement offering of units of the Company (“Units“) and flow-through shares (“FT Shares“) of the Company on January 18, 2023 (the “Offering“). Pursuant to the First Tranche, the Company issued a total of 2,200,032 Units at a price of C$0.15 per Unit for aggregate gross proceeds of C$330,004.80. The Company did not issue any FT Shares in connection with the First Tranche. The Company anticipates that it may close subsequent tranches of this Offering.

Each Unit consisted of one common share of the Company (each, a “Common Share“) and one-half of one common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant is exercisable by the holder to acquire one Common Share at a price of C$0.25 per Common Share until February 17, 2026.

Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the First Tranche will be subject to a four (4) month and one (1) day hold period expiring on June 18, 2023.

McFarlane Lake will utilize the net proceeds from the First Tranche to further explore the Company’s High Lake property as well as for general working capital purposes.

The Offering remains subject to final acceptance by the Neo Exchange Inc. and all regulatory approvals.

About McFarlane Lake Mining Limited

McFarlane is a mineral exploration company focused on the exploration and development of the High Lake mineral property located immediately east of the Ontario-Manitoba border and the West Hawk Lake mineral property located immediately west of the Ontario-Manitoba border. In addition, McFarlane holds the McMillan and Mongowin mineral property located 70 km west of Sudbury, which hosts the past-producing McMillan Gold Mine.  McFarlane also owns the Michaud/Munro mineral property situated 115 km east of Timmins along the so-called “Golden Highway”. McFarlane is a “reporting issuer” under applicable securities legislation in the provinces of British Columbia, Alberta and Ontario.

Additional information on McFarlane can be found by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release, including without limitation; anticipated results of geophysical surveys or drilling programs, estimated timing, geological interpretations and potential mineral recovery processes. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of McFarlane to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Filing Statement dated as of January 14, 2022, which is available for view on SEDAR at www.SEDAR.com Forward-looking statements contained herein are made as of the date of this press release, and McFarlane disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

McFarlane’s operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.

Further Information

For further information regarding this press release, please contact:

Roger Emdin, Chief Operating Officer
McFarlane Lake Mining Limited
(705) 562-8520
remdin@mcfarlanelakemining.com 

Craig McPhail
NATIONAL
(416) 525-5709
cmacphail@national.ca