West Red Lake Announces $30 Million Bought Deal Public Offering of Units
Summary
The Warrants will be subject to an acceleration provision pursuant to which, in the event that the ten (10) trading day volume weighted average closing price of the Companys Shares on the TSX Venture Exchange (the TSX-V) is equal to or greater than $1.70 (or such other price to be determined and agreed to by both RJL and the Company), then the Company will earn the right, by providing notice to the Warrant holder(s) (the Acceleration Notice), to accelerate the expiry date of the Warrants to that date which is 30 days from the date of the Acceleration Notice.The Company has agreed to grant the Underwriters an over-allotment option to purchase up to an additional 15% of the aggregate number of Units at the Unit Issue Price, exercisable in whole or in part at any time for a period ending 30 days from the closing of the Offering.The net proceeds pursuant to the issuance of the Units are expected to be used to continue to advance the development of a restart plan for the Madsen Gold Mine as well as for working capital and general corporate purposes. 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.FOR FURTHER INFORMATION, PLEASE CONTACT:Email: investors@westredlakegold.com or visit the Companys website at https://www.westredlakegold.comNeither 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 may constitute forward-looking information within the meaning of applicable securities laws. Forward-looking information generally can be identified by words such as anticipate, expect, estimate, forecast, planned, and similar expressions suggesting future outcomes or events. Forward-looking information is based on current expectations of management; however, it is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking information in this news release and include without limitation, statements relating to the closing of the Offering, the exercise of the over-allotment option and the expected closing date of the Offering. Forward-looking information is based on a number of key expectations and assumptions, including without limitation, that the Company will continue with its stated business objectives and its ability to raise additional capital to proceed.