en.Wedoany.com Reported - McFarlane Lake Mining (CSE:MLM) has completed a C$6.75 million (approximately US$6.86 million) private placement led by mining investor Michael Gentile.

The company issued units at C$0.12 per unit, with Gentile subscribing for C$6.35 million and precious metals executive Pierre Beaudoin subscribing for the remainder. Each unit consists of one common share and one warrant exercisable at C$0.16 within 36 months. Through this issuance, Gentile acquired 52.9 million shares, representing 9.83% of the issued and outstanding shares. If he exercises all warrants, his stake would reach 19.67%.

McFarlane Lake Mining CEO Mark Trevisiol stated that this investment has nearly doubled the company's market capitalization over the past week, and market attention on the Juby gold project is gaining the momentum needed to advance project development to a new level. The company plans to use the proceeds to repay outstanding bonds, advance exploration of the Juby gold project in Ontario, and supplement working capital.

McFarlane Lake Mining's flagship Juby project is located near Gowganda in the Abitibi greenstone belt on the Ontario-Quebec border. Based on an estimate using a gold price of US$2,500 per ounce as of September 2025, the project has indicated resources of 1.01 million ounces at a grade of 0.98 g/t and inferred resources of 3.17 million ounces at 0.89 g/t. A sensitivity analysis at US$3,750 per ounce ($5,318.04) increases resources to 1.2 million ounces indicated (0.94 g/t) and 4.23 million ounces inferred (0.85 g/t). Additionally, the company holds the formerly producing McMillan gold mine and other Ontario assets.

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