Mayo Lake Minerals cuts flow-through unit price in private placement

Mayo Lake Minerals Inc. (CSE: MLKM) has reduced the price of flow-through units in its non-brokered private placement from $0.05 to $0.045 per unit, according to a company statement.

The maximum gross proceeds from the sale of flow-through units remain at $500,000, which at the revised price represents up to 11,111,111 units. The common share unit portion of the offering is unchanged, with a minimum of 5,000,000 common share units priced at $0.04 each, for minimum gross proceeds of $200,000. Total aggregate gross proceeds remain up to $700,000.

Each common share unit consists of one common share and one purchase warrant. Each flow-through unit consists of one common share qualifying as a flow-through share under subsection 66(15) of the Income Tax Act (Canada) and one purchase warrant. Warrants from both unit types are exercisable for 30 months from the closing date, at $0.07 per share for common share unit warrants and $0.08 per share for flow-through unit warrants.

The company may pay eligible finders a cash commission of up to 8% of gross proceeds and may issue finder warrants equal to up to 8% of units sold through those finders. Finder warrants tied to flow-through units carry an exercise price of $0.045, reduced from $0.05, while those tied to common share units remain at $0.04.

All securities issued will be subject to a statutory hold period of four months and one day from issuance. The offering is expected to close on or about November 4, 2026, pending regulatory approvals including from the Canadian Securities Exchange.

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