West Red Lake Gold Mines Ltd. Acquisition of Madsen Gold Project Approved by Court
May 30 2023 - 7:18PM
West Red Lake Gold Mines Ltd. (“
West Red
Lake Gold” or “
WRLG” or the “Company”)
(TSXV: WRLG)
(OTCQB: WRLGF)
announces that the British Columbia Supreme Court has approved the
acquisition by the Company of all of the Madsen Gold Project
through the acquisition of all of the outstanding shares of Pure
Gold Mining Inc. (“Pure Gold”) (the “Acquisition”) pursuant to an
Approval and Reverse Vesting Order (the “Order”) in Pure Gold’s
proceedings under the Companies’ Creditors Arrangement Act. The
Order approved the transactions contemplated in the Share Purchase
Agreement entered into between the Company, Pure Gold and a fund
managed by Sprott Resource Lending Corp. dated May 17, 2023.
Details of the Acquisition and the Share Purchase Agreement can be
found in the Company’s April 17, 2023 and May 18, 2023
news releases, which are available on the Company’s website and on
SEDAR.
Closing of the Acquisition is subject to various
conditions precedent including receipt of all required regulatory
approvals including the approval of the TSX Venture Exchange. The
Company is working towards closing the Acquisition prior to June
28, 2023.
ABOUT WEST RED LAKE GOLD MINES
LTD.
West Red Lake Gold Mines Ltd. is a mineral
exploration company that is publicly traded and dedicated to
creating value for its shareholders by discovering new gold mines
in the highly productive Red Lake Gold District of Northwest
Ontario, Canada. This district has yielded 30 million ounces of
gold from high-grade zones and hosts some of the world's richest
gold deposits. WRLG holds an expansive property position spanning
3,100 ha in Red Lake, the Rowan Project, including three former
gold mines - Rowan, Mount Jamie, and Red Summit. The Rowan Project
covers a 12-km strike length along the Pipestone Bay St. Paul
Deformation Zone and WRLG plans to continue exploring this property
along strike and to depth aggressively in 2023.
ON BEHALF OF WEST RED LAKE GOLD MINES
LTD.
“Tom Meredith”
Tom
Meredith Chief
Executive Officer
For further information, please
contact:Jasvir KalotiCFO & Corporate
Secretary Tel:
(604) 609-6110
Amandip Singh, VP Corporate DevelopmentTel:
416-203-9181 Email: asingh@wrlgold.comor visit the Company’s
website at https://www.westredlakegold.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
The TSX Venture Exchange has neither approved
nor disapproved the contents of this news release. Certain
statements contained in this news release constitute
"forward-looking statements". When used in this document, the words
"anticipated", "expect", "estimated", "forecast", "planned", and
similar expressions are intended to identify forward-looking
statements or information. These statements are based on current
expectations of management, however, they are subject to known and
unknown risks, uncertainties and other factors that may cause
actual results to differ materially from the forward-looking
statements in this news release. Readers are cautioned not to place
undue reliance on these statements. West Red Lake Gold Mines Ltd.
does not undertake any obligation to revise or update any
forward-looking statements as a result of new information, future
events or otherwise after the date hereof, except as required by
securities laws.
West Red Lake Gold Mines (TSXV:WRLG)
Historical Stock Chart
From Apr 2024 to May 2024
West Red Lake Gold Mines (TSXV:WRLG)
Historical Stock Chart
From May 2023 to May 2024