Mayo Lake Minerals Inc. announced a private placement of best efforts basis of 7,000,000 common share units at an issue price of CAD 0.06 per common share unit for the gross proceeds of CAD 420,000 on February 23, 2023. Each common share unit will be comprised of one common share and one whole Common Share purchase warrant exercisable into one Common Share at a price of CAD 0.10 per Common Share for a period of 36 months from the closing date. The securities issued pursuant to the transaction will be subject to a statutory hold period in Canada of four months and one day after the Closing Date.

The company will pay 7% in cash to the finders and warrants valid for three years to purchase that number of Common Shares at a price of CAD 0.06 that is equal to 7% of the number of common share Units sold by such Finder. The transaction is expected to close on March 16, 2023.