Business
Red Lake Gold Discontinues Financing, Provides Corporate Update
Vancouver, British Columbia, June 27, 2025 – TheNewswire - Red Lake Gold Inc. (CSE: RGLD)(“Red Lake Gold” or the "Corporation" or the “Issuer”) reports that it
About this update from Red Lake Gold Inc
[{"type":"text","content":"Vancouver, British Columbia, June 27, 2025 – TheNewswire - Red Lake Gold Inc. (CSE: RGLD)(“Red Lake Gold” or the \"Corporation\" or the “Issuer”) reports that it has discontinued its previously announced financing (see news release, Red Lake Gold Inc. Announces Financing, dated May 16, 2025)(the “Financing”). There was no material arm’s-length/market demand for the Financing There was no material interest by Insiders, as that term is defined by securities regulations, for the Financing. The Corporation’s sole Control Person, Ryan Kalt, declined participation in the Financing, and did not provide any funds to the Issuer, directly or indirectly, under the now discontinued Financing. To recent public filings related to past capital raises by the Issuer, Mr. Kalt had been a principal provider of equity-based working capital and equity-based exploration funding to the Issuer. Given the absence of market interest in the Financing and elsewise, the Issuer has determined that market-based interest/support of its current project holdings is nominal, and below commercially viable thresholds required to sustain operations and/or advance exploration. Advancement of the Issuer’s interests will require parties interested in funding the same, whether on terms similar to the now discontinued Financing, or otherwise. Including, without limitation, for those reasons set forth in the Issuer’s interim financial statements for the period ended February 28, 2025 (as dated and filed April 28, 2025), the Issuer previously recognized an impairment to the carrying value of its Whirlwind Jack Gold Project. The Corporation believes the apparent absence of an available funding market, including - as example - through the lack of arm’s-length interest in the Financing, serves to market-affirm the Issuer’s previously reported impairment of the Whirlwind Jack Gold Project, as so then constituted. The Corporate requires working capital to remain a going-concern. The listed-exchange of the Issuer imposes certain conditions, including as generally relate to the terms of financings, including minimum pricing and participant limitations, which may restrict the Issuer’s ability to raise arm’s-length and/or related-party capital under market-based conditions and therein remain a going concern. The Corporation may look to evaluate its public standing dependi...