Business
Red Lake Gold Inc. Closes Flow-Through Financing
(TheNewswire) Vancouver, British Columbia - TheNewswire - July 12, 2023 - Red L...
About this update from Red Lake Gold Inc
[{"type":"text","content":"Red Lake Gold Inc. Closes Flow-Through Financing\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, British Columbia -\n \n \n TheNewswire -\n \n \n July 12, 2023 -\n \n \n Red\nLake Gold Inc.\n \n \n (CSE:RGLD)\n \n \n (“\n \n \n Red Lake Gold\n \n \n ” or\nthe \"\n \n \n Corporation\n \n \n \") is pleased to report that\nit has today closed a non-brokered flow-through financing (the\n\"Flow-Through Financing\") by way of the issuance of\n2,800,000 flow-through shares (the \"Flow-Through Shares\") on\nterms previously announced by the Corporation (see news release, Red\nLake Gold Announces Flow-Through Financing, dated June 28,\n2023).\n \n \n \n \n Red Lake Gold intends to use the proceeds of the\nFlow-Through Financing to fund future exploration work at its\nWhirlwind Jack Project in Ontario, Canada.\n \n \n \n \n One insider (the “Insider”), as that term is\ndefined by securities laws, of the Corporation participated in the\nFlow-Through Financing and purchased on an indirect basis an aggregate\nof 2,000,000 Flow-Through Shares for subscription proceeds to the\nCorporation of $100,000.00.\n \n \n \n \n The Flow-Through Financing is exempt from the valuation\nand minority shareholder approval requirements of Multilateral\nInstrument 61-101 (“MI 61-101”) by virtue of the exemptions\ncontained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the\nfair market value of the consideration for the securities of the\nCorporation to be issued to the Insider does not exceed 25% of its\nmarket capitalization.\n \n \n \n \n The Corporation did not file a material change report\nmore than twenty-one days before the expected closing of the\nFlow-Through Financing as the details of the transaction therein by\nrelated parties of the Corporation were not settled until shortly\nprior to closing of the Flow-Through Financing and the Corporation\nwished to close on an expedited basis for sound business\nreasons.\n \n \n \n \n The Corporation paid a 6% cash finders fee on a\nminority segment of the Flow-Through Financing involving 800,000\nFlow-Through Shares.\n \n \n \n \n Shares issued pursuant to the Flow-Through Financing\nare subject to a customary four-month hold period pursuant to\napplicable securities laws of Canada...