Business
Red Lake Gold Closes Previously Announced Financing
Vancouver, British Columbia – TheNewswire - November 29, 2024 - Red Lake Gold Inc. (CSE: RGLD)(“Red Lake Gold” or the "Corporation") is pleased to report that i
About this update from Red Lake Gold Inc
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire - November 29, 2024 - Red Lake Gold Inc. (CSE: RGLD)(“Red Lake Gold” or the \"Corporation\") is pleased to report that it has today closed its previously announced non-brokered common share unit financing (the \"Financing\") by way of the issuance of five million common share units (the “Units”), on the same terms and conditions as previously announced by the Corporation (see news release, Red Lake Gold Inc. Announces $250,000 Financing, dated November 4, 2024). There were no finder’s fees associated with the Financing. The Units issued under the Financing are subject to a customary four-month and one day hold period pursuant to applicable securities laws of Canada. The Corporation intends to use the proceeds of the Financing for working capital purposes and, where applicable, to advance its interests in the Whirlwind Jack Gold Project (the “Use of Proceeds”). Following completion of the Financing, Red Lake Gold has 50,239,169 common shares issued and outstanding. Insider Participation One 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 Financing and purchased a total of five million Units, on a direct and indirect basis, representing a further at-risk equity investment of $250,000 in the common shares of Red Lake Gold by that participating Insider. Regulatory Notices The Financing is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 (“MI 61-101”) by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the consideration for the securities of the Corporation to be issued to the Insider does not exceed 25% of its market capitalization. The Corporation did not file a material change report more than twenty-one days before the expected closing of the Financing as the details of the transaction therein by related parties of the Corporation were not settled until shortly prior to closing of the Financing and the Corporation wished to close on an expedited basis for sound business reasons. On Behalf of the Board of Directors Nicholas Koo Chief Financial Officer T: 604.687.2038 Email: [email protected] Forward-Looking Statements This news release c...