MacMillan Announces Private Placement Financing

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MacMillan Announces Private Placement Financing

TORONTO, CANADA - January 29, 2012 - Mr. George A. Brown, President of MacMillan Minerals Inc. (TSX-V: MMX), wishes to announce that the Company intends to complete a private placement financing of up to $250,000. The proceeds of this financing will be used for the general working capital requirements of a publicly traded junior resource company.

The financing will be comprised of up to 6,250,000 units priced at $0.04 per unit. Each unit will consist of one common share and one common share purchase warrant exercisable for a period of two years from the closing date of the financing. Each warrant will entitle the holder to purchase one additional common share at $0.06 per common share for the first year and at $0.10 per common share for the second year. The price of the unit and the exercise price of the warrant in the first year is below the usual minimum pricing guidelines of the TSX Venture Exchange and falls within the pricing guidelines in effect due to the TSX Venture temporary relief provisions extended until April 30, 2013 by bulletin dated December 12, 2012.

Directors and Senior Officers of the Company have subscribed for 1,250,000 units or $50,000 representing 20% of the maximum 6,250,000 units or $250,000.

The financing will be subject to the approval of the TSX Venture Exchange ("TSXV"). In accordance with applicable securities laws, all securities issued pursuant to the financing will be subject to a hold period of four months from the closing date of the financing. Finders' fees in cash, shares, or units subject to regulatory approval may be issued in connection with completion of this financing.

MacMillan is an exploration company with a focus on gold and silver exploration on numerous properties in Mexico. The corporate mission is to advance exploration properties to a stage whereby they may attract a more senior company to either purchase them outright with a residual royalty to the Company or enter into a joint venture agreement whereby they can earn in a majority interest under which the Company would still maintain a carried interest or royalty until a bankable feasibility is completed or a production decision is made.

For additional information regarding the Company or this financing, you may contact the President by phone at (416) 867-1101 or by email at [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release