MacDonald Mines Announces Second Closing of Offering

TORONTO, Dec. 22, 2022 (GLOBE NEWSWIRE) -- MacDonald Mines Exploration Ltd. (TSXV:BMK) (“MacDonald Mines” or the “Company”), further to its press release of December 9, 2022, is pleased to announce a further and final closing of its previously announced non-brokered private placement financing (the “Offering”). The Company has issued a further 1,153,900 flow-through Class A common shares (the “FT Shares”) at a price of $0.13 per FT Share for proceeds of a further $150,007.00. In total, in connection with the Offering the Company has issued an aggregate of 2,080,823 FT Shares for proceeds of $270,507.00 and 550,000 non-flow-through units (the “Units”) at a price of $0.10 per Unit for proceeds of $55,000.00. Each Unit is comprised of one Class A common share in the capital of the Company (each, a “Common Share”) and one half of one Class A Common Share purchase warrant (each, a “Warrant”), with each full Warrant being exercisable to acquire one Common Share at a price of $0.15 per share for a period of 24 months following the closing date of the Offering.

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