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McLaren Resources ( (TSE:MCL) ) just unveiled an announcement.
McLaren Resources Inc. has closed a non-brokered private placement of 2,323,000 flow-through units at $0.065 per unit, raising gross proceeds of $150,995 to fund exploration work on its gold properties in the Timmins Gold Region of Northeastern Ontario. As part of the financing and related compensation, the company issued flow-through shares and warrants, granted 2.2 million stock options to officers, directors, and consultants, and issued 2.54 million common shares for services, while principal shareholder and finder Accilent Capital Management marginally increased its direct and indirect ownership to just under 29% of outstanding shares, underscoring continued insider and strategic investor support for McLaren’s exploration program.
Spark’s Take on TSE:MCL Stock
According to Spark, TipRanks’ AI Analyst, TSE:MCL is a Underperform.
McLaren Resources is significantly impacted by financial struggles, with no revenue generation and negative equity severely limiting its financial performance. Despite some positive technical indicators, the stock’s high P/E ratio due to lack of profitability and absence of dividends reduce its appeal. These financial weaknesses are the primary factors leading to the low overall score.
To see Spark’s full report on TSE:MCL stock, click here.
More about McLaren Resources
McLaren Resources Inc. is a Canadian mineral exploration company focused on gold properties in the prolific Timmins Gold Region of Northeastern Ontario, where more than 70 million ounces of gold have been produced to date. The company holds a 100% interest in the past-producing 640-hectare Blue Quartz Gold Mine, as well as the 1,770-hectare McCool and 775-hectare Kerrs gold properties, all located east of Timmins and near the Destor-Porcupine Deformation Zone within the Abitibi Greenstone Belt.
Average Trading Volume: 56,417
Technical Sentiment Signal: Sell
Current Market Cap: C$4.56M
See more data about MCL stock on TipRanks’ Stock Analysis page.