Business
West Red Lake Announces $12.3 Million Bought Deal Public Offering of Charity Flow-Through Units
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATE...
About this update from West Red Lake Gold Mines Ltd
[{"type":"text","content":"West Red Lake Announces $12.3 Million Bought Deal Public Offering of Charity Flow-Through Units\n\n\n\n NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES\n \n\n VANCOUVER, British Columbia, Feb. 18, 2025 (GLOBE NEWSWIRE) --\n \n West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG) (OTCQB: WRLGF)\n \n is pleased to announce that it has entered into an agreement with Raymond James Ltd. as sole underwriter (“Raymond James”) pursuant to which Raymond James has agreed to purchase, on a “bought deal” basis, 14,493,000 charity-flow through units (the “Charity Flow-Through Units”) of the Company at a price of C$0.8487 per Charity Flow-Through Unit (the “Charity Flow-Through Issue Price”), respectively, for aggregate gross proceeds to the Company of approximately C$12.3 million (the “Offering”).\n \n\n Each Charity Flow-Through Unit will consist of one common share of the Company (each, a “Flow-Through Unit Share”) and one common share purchase warrant (each whole common share purchase warrant, a “Flow-Through Unit Warrant”). Each Flow-Through Unit Warrant will entitle the holder to acquire one common share of the Company for an exercise price of C$0.90 per share for 36 months from the closing date of the Offering (the “Closing Date”). The Flow-Through Unit Shares and Flow-Through Unit Warrants will each be issued as “flow-through shares” within the meaning of the\n \n Income Tax Act\n \n (Canada). Upon the exercise of the Flow-Through Unit Warrants, the underlying common share will not be issued as “flow-through shares” within the meaning of the\n \n Income Tax Act\n \n (Canada).\n \n\n The Company has agreed to grant Raymond James an over-allotment option to purchase up to an additional 15% of the aggregate number of Flow-Through Units at the Charity Flow-Through Issue Price, exercisable in whole or in part at any time for a period ending 30 days from the closing of the Offering.\n \n\n The gross proceeds pursuant to the issuance of the Charity Flow-Through Units will be used to incur “Canadian development expenses”, within the meaning of the\n \n Income T...