West Red Lake Gold Mines easily raises C$28.75 Million
West Red Lake Gold Mines Ltd. has concluded its public offering, generating C$28,750,092 through the issuance of 41,666,800 units. This initiative, fully subscribed including an over-allotment, was executed under the sole guidance of Raymond James Ltd.
“The funds from this offering are pivotal for the advancement of our Madsen Gold Mine restart plan and will bolster our working capital for ongoing operations,” announced representatives from West Red Lake Gold. Each unit in the offering comprised a common share and a warrant, the latter permitting the purchase of an additional share at C$0.90 within the next three years.
The company anticipates the newly issued warrants to begin trading on the TSX Venture Exchange under the symbol WRLG.WT.B on or about October 28, 2024. Regulatory filings, including a prospectus supplement and a warrant indenture detailing these warrants, are accessible via SEDAR+.
Management highlights that the offering saw significant internal interest, with insiders purchasing 104,400 units, qualifying as a related party transaction under Multilateral Instrument 61-101. Despite the transaction’s exemption from certain formal approvals due to its proportion to the company’s market capitalization, the company noted the insider participation level was not predetermined.
It is important to note, the securities outlined are not registered under the U.S. Securities Act of 1933 and, as such, are restricted from sale within the United States unless exemptions apply. This caution extends to jurisdictions where the offer or sale of these securities could be seen as unlawful.
About West Red Lake Gold Mines
Based in the mineral-rich Red Lake district of Ontario, West Red Lake Gold Mines Ltd. focuses on developing its extensive 47 km² territory around the Madsen Gold Mine. The region is noted for a production history exceeding 30 million ounces of gold, primarily sourced from high-grade zones. West Red Lake Gold also manages the Rowan Property, a substantial area hosting three historical gold mines.
Tags: Northern Ontario / Deals & Financial / Gold / All Articles