McFarlane Lake Mining has agreed to buy 14,200,852 units of iMetal Resources at $0.10 each, a subscription price of $1,420,085 that would leave the Ontario gold explorer holding 19.9% of iMetal's outstanding shares on closing.
The purchase forms part of a non-brokered private placement iMetal announced earlier, sized at up to 30,000,000 units for gross proceeds of up to $3,000,000. McFarlane's cheque therefore covers a little under half of the maximum raise.
Each unit contains one iMetal share and one warrant exercisable at $0.175 for three years from closing. iMetal can shorten that term if its shares trade at a volume-weighted average price above $0.40 for 20 consecutive trading days, subject to a beneficial ownership blocker.
A separate investor rights agreement takes effect on closing. According to the release, it lets McFarlane nominate one director to iMetal's board, participate in future equity issues to keep its stake from being diluted, and — if iMetal's board agrees — provide technical input on exploration at iMetal's Gowganda property.
The transaction still needs final approval from both the TSX Venture Exchange and the Canadian Securities Exchange, along with customary conditions. McFarlane trades on the CSE; iMetal on the TSXV.
The logic offered is geographic. iMetal's ground, roughly 7,500 hectares, sits east, south and north of McFarlane's Juby Gold Project, which covers about 5,500 hectares. Chief executive Mark Trevisiol said the arrangement "allows interests to be more aligned in exploring geological trends in this area." The release does not disclose McFarlane's cash position or how the subscription will be funded.
Juby carries a mineral resource estimate effective September 29, 2025, prepared by BBA E&C under Canada's NI 43-101 disclosure standard: 1.01 million ounces indicated at 0.98 g/t gold across 31.74 million tonnes, plus 3.17 million ounces inferred at 0.89 g/t across 109.48 million tonnes. Those figures assume a long-term gold price of US$2,500 per ounce. Inferred resources are the lowest-confidence category and are not demonstrated to be economically extractable.
Paid promotion extended
In the same release, McFarlane disclosed a second extension of its marketing agreement with The Market Link, a Vancouver-based media firm, for a further four months beginning July 26, 2026. Cash compensation is US$110,000, with no securities issued. The original agreement dates to November 14, 2025 and was first extended on March 19, 2026.
The services listed include digital advertising, email distribution, sponsored company materials and on-site awareness products — in other words, paid promotion of the stock. McFarlane states The Market Link is at arm's length and holds no interest in its securities.
Source: GlobeNewswire
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