West Red Lake Gold Mines Increases Bought-Deal Financing to $25 Million

West Red Lake Gold Mines Ltd. has announced an increase in its previously announced bought-deal financing with Raymond James Ltd. The company will now issue 36,232,000 units at a price of C$0.69 per unit, raising gross proceeds of C$25,000,080.

Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase an additional common share at C$0.90, exercisable for 36 months following the offering’s closing.

In addition, the underwriters have been granted an over-allotment option to purchase up to an additional 15% of the base offering, potentially raising an additional C$3,750,012. This option allows for the acquisition of units, common shares, and/or warrants, at the underwriters’ discretion, for 30 days following the closing date.

The use of proceeds and other terms of the offering remain as outlined in the October 18, 2024, press release. Copies of the Base Prospectus and the Supplement can be found on West Red Lake Gold’s SEDAR+ page.

West Red Lake Gold’s securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption.

About West Red Lake Gold Mines

West Red Lake Gold Mines Ltd. is advancing its Madsen Gold Mine and the adjacent 47 km² land package in Ontario’s Red Lake District. The Red Lake area has historically produced over 30 million ounces of high-grade gold and is home to some of the richest deposits in the world. WRLG also owns the Rowan Property in Red Lake, which covers 31 km² and includes three past-producing gold mines: Rowan, Mount Jamie, and Red Summit.

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