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West Red Lake Gold Mines Ltd. Closes $25,000,150 Bought Deal Offering In Connection With Acquisition Of Madsen Gold Mine

PUBLIC · WRLGFMay 09, 2023

Acquiring Company

West Red Lake Gold Mines

VancouverOtherMiningPrecious MetalsMineral

Description

West Red Lake Gold Mines Ltd. (“West Red Lake” or the “Company”) (TSXV: WRLG) is pleased to announce, further to its news release dated April 17, 2023, the closing of the previously announced bought deal financing of 70,829,000 subscription receipts (the “Subscription Receipts”) of West Red Lake, at a price of $0.35 per Subscription Receipt (the “Issue Price”), together with 600,000 common shares of West Red Lake (the “Concurrent Shares”) at the Issue Price, for aggregate gross proceeds of $25,000,150 (the “Offering”). The Offering was led by Canaccord Genuity Corp., as sole underwriter (the "Underwriter"), and included exercise of the Underwriter’s over-allotment option granted in connection with the Offering.

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Company Information

Company

West Red Lake Gold Mines

Location

Vancouver, British Columbia, Canada

About

West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 Km2 highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world's richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 Km2 including three past producing gold mines - Rowan, Mount Jamie, and Red Summit.

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