Toronto, Ontario--(Newsfile Corp. - January 15, 2018) - McLaren Resources Inc. (CSE: MCL) (OTC: MLRNF) (FSE: 3ML) ("McLaren" or the "Company") announces that it has increased the non-brokered private placement financing previously announced on January 2, 2018 from $350,000 to $565,000. The increased financing consists of common share units for gross proceeds of $215,000.
With respect to the increased financing, the Company has issued a total of 2,150,000 common share units at a price of $0.10 per unit. Each common share unit consists of one common share and one common share purchase warrant which entitles the holder to purchase one common share in the capital of the Company at an exercise price of $0.15 per share for a period of 18 months from the date of issuance.
In connection with the increased financing, McLaren paid finder's fees consisting of $11,650 in cash and $2,000 by way of issuance of 20,000 common shares at a value of $0.10 per share to qualified registrants.
McLaren is engaged in exploration work on its three gold properties which are located in the prolific Timmins Gold District of Northeastern Ontario. These properties include the Augdome Gold Property located adjacent to the Dome Mine operated by Goldcorp Inc. ("Goldcorp"), the TimGinn Gold Property located in Central Timmins adjacent to the Hollinger Mine operated by Goldcorp and the Blue Quartz Gold Mine Property located in East Timmins 10 km north of McEwen Mining Inc.'s Black Fox Mine.
