McLaren Resources Closes $427,500 Financing
Toronto, Feb. 12, 2018 - McLaren Resources Inc. (CSE: MCL) (FSE: 3ML) (OTC: MLNRF) ("McLaren" or the "Company") announces that it has closed a non-brokered private placement financing consisting of common share units for aggregated gross proceeds of $427,500. The Company has issued a total of 3,420,000 common share units at a price of $0.125 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. McLaren shall have the right to accelerate the exercise of the warrants if McLaren shares trade at a weighted average price exceeding $0.25 per share for 20 consecutive trading days.
The net proceeds from the financing will be used by the Company for general corporate purposes and for expenditures on its blockchain development project.
In connection with the financing, McLaren paid finder's fees consisting of $10,325 in cash.
The Company has also issued 350,000 common shares at a deemed price of $0.125 per share for $43,750 of services to the Company.
About McLaren
In addition to the new blockchain development initiative which is to be operated in a new subsidiary corporation, McLaren remains 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 (control a 100% interest) located adjacent to the Dome Mine operated by Goldcorp Inc. ("Goldcorp"), the TimGinn Gold Property (right to earn from 50% to 100% interest) located in Central Timmins adjacent to the Hollinger Mine operated by Goldcorp and the Blue Quartz Gold Mine Property (50% interest) located in East Timmins 10 km north of McEwen Mining's Black Fox Mine.
For more information, please contact: Radovan Danilovsky, Interim President, Phone: 416-203-6784
McLaren Resources Inc.
44 Victoria Street, Suite 1616
Toronto, Ontario M5C 1Y2
The Canadian Securities Exchange has neither approved nor disapproved the contents of the press release. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute "forward looking statements". When used in this document, the words "anticipated", "expect", "estimated", "forecast", "planned", and similar expressions are intended to identify forward looking statements or information. These statements are based on current expectations of management; however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. McLaren Resources Inc. does not undertake any obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.