McFarlane Lake Announces Sale of High Lake and West Hawk Lake Properties for $9.25 Million
McFarlane Lake Mining (CSE: MLM; OTCQB: MLMLF) signed a definitive asset purchase agreement to sell its High Lake and West Hawk Lake properties for $9.25 million in total consideration.
Consideration is $7.25 million cash on closing plus 3,333,333 Total Metals common shares issued at a deemed price of $0.60/share. Completion is conditional on Total Metals raising at least $10 million in gross proceeds from a concurrent financing and customary regulatory and third-party approvals, with the transaction expected to close on or before October 31, 2025.
McFarlane Lake Mining (CSE: MLM; OTCQB: MLMLF) ha firmato un accordo definitivo di acquisto di asset per vendere le sue proprietà High Lake e West Hawk Lake per un totale di 9,25 milioni di dollari.
La controprestazione consiste in 7,25 milioni di dollari in contanti al closing più 3.333.333 azioni ordinarie Total Metals emesse a un prezzo ritenuto di 0,60 $/azione. Il completamento è soggetto all'aumento di almeno 10 milioni di dollari di proventi lordi provenienti da un finanziamento concomitante e alle consuete approvazioni normative e di terze parti, con la transazione prevista per la chiusura entro il 31 ottobre 2025.
McFarlane Lake Mining (CSE: MLM; OTCQB: MLMLF) firmó un acuerdo definitivo de compra de activos para vender sus propiedades High Lake y West Hawk Lake por un total de 9,25 millones de dólares.
La contraprestación es de 7,25 millones de dólares en efectivo al cierre más 3,333,333 acciones ordinarias de Total Metals emitidas a un precio considerado de 0,60 dólares/acción. La finalización está condicionada a que Total Metals levante al menos 10 millones de dólares en ingresos brutos provenientes de una financiación concurrente y a las aprobaciones regulatorias y de terceros habituales, con la transacción prevista para cerrar no más tarde que el 31 de octubre de 2025.
McFarlane Lake Mining (CSE: MLM; OTCQB: MLMLF)은/는 자사의 High Lake 및 West Hawk Lake 자산을 총 9.25백만 달러의 대가로 매각하기 위한 확정 자산 매매 계약을 체결했습니다.
대가는 종결 시 현금 7.25백만 달러와 3,333,333주 Total Metals 일반주를 시가로 환산하여 발행하며, 발행가액은 주당 0.60달러로 간주됩니다. 거래 성사는 동시 자금조달에서 최소 1천만 달러의 총수익을 조달하고 일반적인 규제 및 제3자 승인 등을 조건으로 하며, 거래는 2025년 10월 31일 까지 종료될 예정입니다.
McFarlane Lake Mining (CSE: MLM; OTCQB: MLMLF) a signé un accord définitif d'achat d'actifs pour vendre ses propriétés High Lake et West Hawk Lake pour une contrepartie totale de 9,25 millions de dollars.
La contrepartie se compose de 7,25 millions de dollars en espèces à la clôture plus 3 333 333 actions ordinaires de Total Metals émises à un prix réputé de 0,60 $/action. L'achèvement est subordonné à ce que Total Metals leuvent au moins 10 millions de dollars de produits bruts grâce à un financement concomitant et aux approbations réglementaires et de tiers habituelles, l'opération devant être clôturée au plus tard le 31 octobre 2025.
McFarlane Lake Mining (CSE: MLM; OTCQB: MLMLF) hat eine endgültige Vermögensankaufvereinbarung unterschrieben, um seine Grundstücke High Lake und West Hawk Lake für insgesamt 9,25 Millionen Dollar zu verkaufen.
Die Gegenleistung besteht in 7,25 Millionen Dollar Bargeld bei Closing zuzüglich 3.333.333 Aktien von Total Metals, ausgegeben zu einem als Wert angenommenen Preis von 0,60 $/Aktie. Der Abschluss steht unter der Bedingung, dass Total Metals mindestens 10 Millionen Dollar an Bruttoeinnahmen aus einer gleichzeitigen Finanzierung erhält und üblichen behördlichen und Drittanbieter-Genehmigungen, wobei der Abschluss vorgesehen ist bis spätestens 31. Oktober 2025.
McFarlane Lake Mining (CSE: MLM; OTCQB: MLMLF) وقعت اتفاقية نهائية لشراء الأصول لبيع ممتلكاتها High Lake و West Hawk Lake مقابل إجمالي قدره 9.25 مليون دولار.
تتكوّن المقابل من 7.25 مليون دولار نقداً عند الإغلاق بالإضافة إلى 3,333,333 سهماً عادياً من Total Metals يتم إصدارها بسعر مُعتبر قدره $0.60/سهم. إتمام الصفقة مشروط بأن تجمع Total Metals على الأقل 10 ملايين دولار من العائد الإجمالي من تمويل متزامن وموافقات تنظيمية وأطراف ثالثة مألوفة، مع توقع إغلاق الصفقة في أو قبل 31 أكتوبر 2025.
McFarlane Lake Mining (CSE: MLM; OTCQB: MLMLF) 签署了一项资产购买的最终协议，以总对价 9.25 百万美元 出售其 High Lake 和 West Hawk Lake 的资产。
对价为在交割时的 7.25 百万美元现金，再加上发行 3,333,333 股 Total Metals 普通股，定价被视为 每股 0.60 美元。完成取决于 Total Metals 从并行融资中筹集至少 1000 万美元 的毛收益，以及通常的监管和第三方批准，交易预计在 2025 年 10 月 31 日 或之前完成。
- Total consideration of $9.25 million for two properties
- Immediate $7.25 million cash payable on closing
- Receipt of 3,333,333 Total Metals shares at $0.60
- Closing requires Total Metals to raise at least $10 million
- Transaction dependent on regulatory and third-party approvals
- Part of proceeds payable as shares exposes value to stock price
Toronto, Ontario--(Newsfile Corp. - October 20, 2025) - McFarlane Lake Mining Limited (CSE: MLM) (OTCQB: MLMLF) ("McFarlane" or the "Company") is pleased to announce the signing of a definitive asset purchase agreement (the "Agreement") with Total Metals Corp. ("Total Metals") for the sale of the Company's High Lake and West Hawk Lake properties located in close proximity east and west of the Ontario-Manitoba border.
Under the terms of the Agreement, the Company will receive total consideration of
$7.25 million in cash, payable on closing; and- 3,333,333 common shares of Total Metals, issued at a deemed price equal to
$0.60 per share, and issuable on closing.
Completion of the transaction is conditional on Total Metals raising at least
About McFarlane Lake Mining Limited
McFarlane Lake Mining Limited ("McFarlane" or the "Company") is a Canadian gold exploration company focused on advancing its flagship Juby Gold Project, located near Gowganda, Ontario, within the established Abitibi Greenstone Belt. The Juby Project hosts a current (effective September 29, 2025) NI 43-101 compliant Mineral Resource Estimate (MRE) of 1.01 million ounces of gold in the Indicated category at an average grade of 0.98 g/t gold (31.74 million tonnes) and an additional 3.17 million ounces of gold in the Inferred category at an average grade of 0.89 g/t gold (109.48 million tonnes). The estimate was calculated using a long-term gold price of US
A sensitivity analysis completed at a higher gold price of US
The independent MRE was prepared by BBA E&C Inc. in accordance with National Instrument 43-101 — Standards of Disclosure for Mineral Projects. The full technical report supporting the resource estimate will be filed on SEDAR+ within 45 days of the Company's public announcement of the MRE.
McFarlane is actively planning an exploration drilling program and additional technical studies at the Juby Project to further evaluate and advance this large-scale gold system.
In addition to Juby, McFarlane holds a portfolio of
Readers are cautioned to refer to the "Cautionary Statement on Mineral Resources," and all other disclaimers included in this news release for important information regarding the limitations and verification status of the data presented above and elsewhere herein.
To learn more, visit: https://mcfarlanelakemining.com/.
Additional information on McFarlane can be found by reviewing its profile on SEDAR+ at www.sedarplus.ca.
Qualified Person
The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, P. Geo., Consulting Geologist for the company, and a Qualified Person as defined under National Instrument 43-101. Technical information was also reviewed by Mark Trevisiol P.Eng., an officer of McFarlane and a Qualified Person under National Instrument 43-101.
Advisors
Wildeboer Dellelce LLP is acting as legal counsel for McFarlane.
Cautionary Note Regarding Forward-Looking Information:
This news release contains "forward-looking information" or "forward-looking statements" within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, including, without limitation, statements relating to the timeline for the completion of the transaction, the ability of McFarlane to satisfy or waive closing conditions under the Agreement, including receipt of required regulatory and third-party approvals. 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. 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", "is expected", "anticipates" or "does not anticipate", "plans", "believes" or "intends", or variations of such words and phrases, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, 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 Company's Annual Information Form dated as of November 27, 2024, which is available for view on SEDAR+ at www.sedarplus.ca. 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.
Cautionary Statement on Mineral Resources
This news release uses the terms indicated and inferred mineral resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The mineral resource estimates disclosed in this news release may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to an indicated or measured mineral resource category, however, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's "CIM Definition Standards on Mineral Resources and Mineral Reserves" incorporated by reference into NI 43-101. Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically.
Further Information
For further information regarding McFarlane, please contact:
Mark Trevisiol,
Chief Executive Officer, President and Director
McFarlane Lake Mining Limited
(705) 665-5087
mtrevisiol@mcfarlanelakemining.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/271024
FAQ
What are the terms of McFarlane Lake's sale of High Lake and West Hawk Lake (MLMLF)?
When is the McFarlane Lake sale of High Lake and West Hawk Lake expected to close (MLMLF)?
What conditions must be met for the McFarlane Lake sale to close (MLMLF)?
How many Total Metals shares will McFarlane Lake receive and at what price (MLMLF)?
How much cash will McFarlane Lake receive on closing from the sale (MLMLF)?
