West Red Lake Gold announces Sprott’s investment of US$2,631,463

West Red Lake Gold Mines Ltd. has announced that, further to an unsecured convertible promissory note dated August 24, 2023 in the amount of US$5,533,094 for deferred consideration related to the acquisition of Pure Gold Mining Inc. (the “Obligation”) between the Company and a fund managed by Sprott Resource Lending Corp (“Sprott”), the Company has received A Conversion Election Notice from Sprott to convert US$2,631,463 of the Obligations into 6,900,000 units in the capital of the Company at a conversion price of C$0.52 per unit (the “Units”), with each Unit consisting of one common share of the Company and one share purchase warrant which is exercisable into one common share of the Company until November 28, 2026 at an exercise price of C$0.68 per common share.  (Refer to news release of June 19, 2023, and August 14, 2023 for more details.) Issuance of the 6,900,000 Units are subject to final approval of the TSX Venture Exchange.

 

ABOUT WEST RED LAKE GOLD MINES LTD.

West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 km2 highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world's richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km2 including three past producing gold mines - Rowan, Mount Jamie, and Red Summit.

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