Business
Red Lake Gold Closes Financings
Vancouver, British Columbia, April 5, 2024 - Red Lake Gold Inc. (CSE: RGLD)(“Red Lake Gold” or the "Corporation") is pleased to announce that it has closed a no
About this update from Red Lake Gold Inc
[{"type":"text","content":"Vancouver, British Columbia, April 5, 2024 - Red Lake Gold Inc. (CSE: RGLD)(“Red Lake Gold” or the \"Corporation\") is pleased to announce that it has closed a non-brokered common share unit financing (the \"Common Share Unit Financing\") by way of the issuance of two million common share units (the “Common Share Units”) and that it has also closed a non-brokered flow-through share unit financing (the \"Flow-Through Share Unit Financing”(the Common Share Unit Financing and Flow-Through Share Unit Financing, together the “Financings”)) by way of the issuance of three million flow-through share units (the “Flow-Through Share Units”), both on the same terms as previously announced by the Corporation (see news release, Red Lake Gold Inc. Announces Financings at Prevailing Market Price, dated February 7, 2024). Closing of both the Common Share Unit Financing and the Flow-Through Share Unit Financing occurred on April 4, 2024, in line with prior disclosure (see news release, Red Lake Gold Inc. Announces Extension of Financings, dated March 22, 2024). The Units issued under the Common Share Unit Financing and the Flow-Through Share Unit Financing are subject to a customary four-month hold period pursuant to applicable securities laws of Canada. Following completion of the Common Share Unit Financing and Flow-Through Share Financing, the Corporation has 41,739,169 common shares issued and outstanding. The Corporation intends to use the closing proceeds of the Common Share Unit Financing for working capital purposes and the closing proceeds of the larger Flow-Through Share Unit Financing for exploration purposes. There were no finder’s fees paid by the Corporation under the Common Share Unit Financing nor under the Flow-Through Share Unit Financing. Insider Participation / Funding Requirements An Insider of the Corporation (as that first term is defined by securities laws) supported the working capital position of Red Lake Gold by way of participation in the Common Share Unit Financing by purchasing two million Common Share Units, on a direct basis, for a subscription amount received by the Corporation of $100,000.00. In addition, a corporate entity owned by that same Insider invested capital to support the Corporation’s anticipated exploration work in 2024 by purchasing three million Flow-Through Share Units, for a subscriptio...