West Red Lake Gold Announces Non-Brokered Private Placement Offering of Flow-Through Common Shares to Raise Up to $6,000,000
July 06 2023 - 6:00AM
West Red Lake Gold Mines Ltd. (“West Red
Lake Gold” or “WRLG” or the “Company”) (TSXV:WRLG)
(OTCQB: WRLGF) is pleased to announce a
non-brokered private placement offering of common shares to be
issued on a "flow through" basis pursuant to the Income Tax Act
(Canada) (the "Tax Act") (the "Flow-Through Shares"). The Company
intends to issue up to 8,571,428 Flow-Through Shares at an issue
price of $0.70 per Flow-Through Share, for gross proceeds of up to
$6,000,000 (the "Offering").
The Company intends to use the proceeds from the
Offering for the exploration and advancement of the Company’s
properties in Red Lake, Ontario.
Proceeds from the sale of Flow-Through Shares
will be used to incur "Canadian exploration expenses" as defined in
subsection 66.1(6) of the Income Tax Act and "flow through mining
expenditures" as defined in subsection 127(9) of the Income Tax
Act. Such proceeds will be renounced to the subscribers with an
effective date not later than December 31, 2023 and incurred no
later than December 31, 2024, in the aggregate amount of not less
than the total amount of gross proceeds raised from the issue of FT
Shares.
A finder’s fee on the gross proceeds of the
Offering may be paid.
The securities issued in connection with the
Offering are subject to TSX Venture Exchange approval and all
securities will be subject to a four month statutory hold period
after closing.
Further to news release of June 19, 2023, upon
determination by the British Columbia Supreme Court, the Company
issued 8,164,503 common shares to a fund managed by Sprott Resource
Lending Corp.
ABOUT WEST RED LAKE GOLD
MINES
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.
ON BEHALF OF WEST RED LAKE GOLD MINES
LTD.
“Shane Williams”
Shane
Williams President
& Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Amandip Singh, VP Corporate DevelopmentTel:
416-203-9181Email: investors@westredlakegold.com or 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.
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.
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