McFarlane Lake Mining Limited said it completed its previously announced strategic investment in iMetal Resources, acquiring 14,200,852 units at $0.10 each for $1,420,085 and taking a roughly 19.9% stake in the junior explorer. Each unit includes one iMetal share and one warrant, with each warrant exercisable at $0.175 for three years. If fully exercised, McFarlane would hold 28,401,704 shares, or about 33.2% on a partially diluted basis. The investment was made through iMetal’s non-brokered private placement of up to 30,000,000 units for gross proceeds of up to $3,000,000. Under an investor rights agreement, McFarlane can nominate one director to iMetal’s board, participate in future equity issuances to preserve its pro rata interest and, subject to iMetal board approval, provide technical oversight on exploration at the Gowganda property. McFarlane said the securities were acquired for investment purposes and that it may adjust its position over time depending on market conditions, iMetal’s business prospects and other factors.