TORONTO, June 05, 2026 (GLOBE NEWSWIRE) -- McFarlane Lake Mining Limited (CSE:MLM, OTC:MLMLF, FRA: W2Z)) ("McFarlane Lake" or the "Company"), a Canadian gold exploration and development company, is pleased to announce that, further to its press release on May 28, 2026, the Company has closed a non-brokered private placement financing (the "Offering") for aggregate gross proceeds of $6.75 million. The Offering was led by a strategic investment from well-known mining investor Michael Gentile, who subscribed for $6.35 million of the Offering, with Pierre Beaudoin subscribing for the balance. Mr. Beaudoin is a precious metal mining executive with more than 30 years of diversified mining, mineral processing, design, construction and start-up experience.

Under the terms of the Offering, the investors purchased units of the Company (the "Units") at a price of $0.12 per Unit for aggregate gross proceeds of $6,750,000. Each Unit consisted of one common share of the Company and one common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to acquire one additional common share of the Company at an exercise price of $0.16 for a period of 36 months from the date of issuance.

The net proceeds of the Offering may be used to repay a portion of the Company's outstanding debentures, to advance the Company's exploration and development programs at the Juby Gold Project and for general working capital purposes.

Mark Trevisiol, Chairman and CEO of McFarlane Lake, stated, "This investment brings much more than a financial boost to our balance sheet. Our market capitalization has nearly doubled in the last week and the awareness across the market about our Juby Gold Project is getting the needed traction to take the development of the project to a new level. We look forward to working with Michael and Pierre in advancing this prolific gold asset."

All Units distributed in connection with the Offering were issued and sold pursuant to Canadian prospectus exemptions under National Instrument 45-106, Prospectus Exemptions.

The Offering remains subject to the final acceptance of the Canadian Securities Exchange (the "CSE"). All securities issued pursuant to the Offering are subject to a four (4) month and one (1) day hold period from the date of issuance, in accordance with applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction.

No U.S. Registration

The securities described herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the U.S. or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any U.S. state in which such offer, solicitation or sale would be unlawful.

Early Warning Disclosure, Michael Gentile

Mr. Gentile, an individual resident in the city ...