FOR IMMEDIATE RELEASE
Closing of Third Tranche of Non-Brokered Private Placement
August 16, 2007
McLaren Resources Inc today announces the completion and closing of the third tranche of a non-brokered private placement, previously announced on December 7, 2006. The Company issued 4,425,000 common shares at $0.50 per share, for gross proceeds of $2,212,500. A finder’s fee of 3% cash and 5% shares is payable to eligible finders. The securities issued are subject to a hold period of four months and one day from the date of issue.
Proceeds from the private placement will be used for the Company’s operating expenses and work on the Company’s exploration properties.
McLaren also announces the planned issuance of a $650,000 4% promissory note due November 14, 2007, proceeds of which will be used to fund the expected retraction of the currently outstanding $700,000 4% convertible debenture, due March 21, 2008.
Shares Outstanding: 18,607,731
CNQ: MCLN
For further information, contact:
Gregory C Liddy, President
Tel.: (416) 203-6784 x4800
Fax: (416) 368-1539