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US$10.96 Million Partial Redemption of Secured Debentures
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TORONTO, July 28, 2026 (GLOBE NEWSWIRE) — McFarlane Lake Mining Limited (“McFarlane” or the “Company”) (CSE: MLM, OTC: MLMLF) is pleased to announce that, further to its news release dated July 6, 2026, it has given notice to Odyssey Trust Company (the “Trustee”) and to the holders of the Debentures (the “Debentureholders”) of the partial redemption of US$10,960,534 of the remaining US$12,655,531 aggregate principal amount of 15% senior secured debentures maturing October 26, 2026 (the “Debentures”), leaving approximately US$1,695,000 remaining outstanding. The effective date of the redemption is expected to be Friday, July 31, 2026 (the “Redemption Date”). The Trustee will administer the redemption process in accordance with the trust indenture dated September 29, 2025 between the Company and the Trustee. As previously disclosed, the Company applied the funds received from the exercise of warrants (announced July 6, 2026), together with the proceeds of the C$6,750,000 private placement (announced on June 5, 2026) and existing cash resources of the Company, towards a redemption of Debentures held by the Debentureholders who participated in the exercise process (the “Exercise Process”). The partial redemption received the approval of Debentureholders holding a majority of the principal amount of the Debentures, and consent to the redemption of Debentures held by Debentureholders that participated in the Exercise Process was obtained from all Debentureholders that did not participate in the Exercise Process.
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“This marks a significant milestone for the Company. Getting the majority of the debt paid down significantly improves the investment climate for McFarlane. A thank you to all the stakeholders who supported us as we continue to advance and unlock the value that management has long recognized in this asset,” said Mark Trevisiol, Chief Executive Officer, President and Chairman of McFarlane.
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The Company has notified Debentureholders that participating Debentureholders – being those who exercised their warrants under the Exercise Process – will receive repayment of the principal amount of their Debentures, together with all interest that would otherwise have accrued through the Debentures’ scheduled maturity date of October 26, 2026 (collectively, the “Redemption Price”). Each original holder of warrants voluntarily determined whether to exercise, hold or sell their warrants, and no holder was under any obligation to exercise. To the knowledge of the Company, no insiders or related parties of the Company participated in the Exercise Process and substantially all of the remaining outstanding Debentures are held by insiders and advisors of McFarlane.
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If any Debentures remain outstanding at maturity and are held by insiders or other related parties, the Company may explore potential options with those holders at that time, including an extension or refinancing. Any such arrangements would be subject to applicable regulatory requirements, including the policies of the Canadian Securities Exchange. While there can be no assurance that any arrangement will ultimately be pursued or completed, the Company believes it would have flexibility to discuss and evaluate alternatives with those holders if required.
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Debentures held by Debentureholders that did not participate in the Exercise Process will remain outstanding and continue to their scheduled maturity date of October 26, 2026. Further details regarding the repayment of the Debentures will be provided in a subsequent news release.
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Holders of the Debentures are encouraged to contact their investment dealer or the Trustee to coordinate the surrender of their Debentures. The Redemption Price will be payable in cash on the Redemption Date upon presentation and surrender to the Trustee of the Debentures called for redemption at #1230, 300 – 5th Avenue SW Calgary, Alberta, T2P 3C4 Attention: Corporate Trust.
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