Business
West Red Lake Gold Announces Closing of Upsized $20 Million Bought Deal Public Offering
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 Gold Announces Closing of Upsized $20 Million Bought Deal Public Offering\n\n\n\n\n NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES\n \n\n\n\n The shelf prospectus supplement and the corresponding base shelf prospectus\n \n\n are accessible through SEDAR+\n \n\n\n VANCOUVER, British Columbia, Feb. 25, 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 closed its previously announced public offering (the “\n \n Offering\n \n ”) of 23,628,000 charity flow-through units of the Company (the “\n \n Charity Flow-Through Units\n \n ”) at a price of C$0.8487 per Charity Flow-Through Unit for aggregate gross proceeds to the Company of $20,053,083.60 (the “\n \n Offering\n \n ”). The Offering was led by Raymond James Ltd., as sole underwriter and bookrunner (the “\n \n Underwriter\n \n ”).\n \n\n Each Charity Flow-Through Unit is comprised of one common share of the Company (each, a “\n \n Flow-Through Unit Share\n \n ”) and one common share purchase warrant (each whole common share purchase warrant, a “\n \n Flow-Through Unit Warrant\n \n ”). 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 “\n \n Closing Date\n \n ”). 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 gross proceeds of the Offering will be used to incur “Canadian development expenses”, within the meaning of the\n \n Income Tax Act\n \n (Canada), on the Company’s assets.\n \n\n “We were happy to welcome significant interest to this financing, which shows support for West Red Lake Gold and highlights demand from investors for companies movi...