SoFi Technologies(US:SOFI) Thenewswireยท2025-10-28 11:00Core Viewpoint - Total Metals Corp. has successfully closed the acquisition of the High Lake and West Hawk Lake projects from McFarlane Lake Mining Corporation for CAD $9.25 million, which includes a historic mineral resource estimate of over 300,000 ounces of gold, indicating significant exploration potential and strategic advantages in processing and infrastructure [1][2][3]. Acquisition Details - The acquisition was completed for a total consideration of CAD $9.25 million, paid through the issuance of 3,333,333 common shares at a deemed price of CAD $0.60 per share [5]. - The projects are located in a mining-friendly jurisdiction with established infrastructure, which supports manageable costs and timelines for exploration and development [6]. - The High Lake project has a NI 43-101 compliant mineral resource with high grades and multiple high-grade drill intercepts, while West Hawk Lake has a history of underground development and recent drilling [3][6]. Financial Aspects - The company has closed a second tranche of a non-brokered private placement financing, raising a total of CAD $10 million, which will be allocated towards the acquisition, exploration activities, and working capital [9][11]. - Following the financing, Total Metals will have approximately CAD $10.4 million in available cash [11]. Strategic Implications - The acquisition is expected to enhance Total Metals' growth potential through exploration drilling and the possibility of toll-milling partnerships to process higher-grade ore, thus avoiding the need for costly on-site processing facilities [2][3]. - The proximity of the projects allows for shared infrastructure and centralized processing, which supports a scalable development pathway [3][6]. Regulatory Compliance - The company is required to file a technical report in compliance with National Instrument 43-101 within 45 days of the acquisition [7][8].