West Red Lake Gold Announces Sprott’s Investment of US$2,631,463
West Red Lake Gold Announces Sprott’s Investment of US$2,631,463
December 1, 2023
Vancouver, British Columbia – West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or
the “Company”) (TSXV: WRLG) (OTCQX: WRLGF) is pleased to announce that, further to an unsecured
convertible promissory note dated August 24 , 2023 in the amount of US$ 5,533,094 for deferred
consideration related to the acquisition of Pure Gold Mining Inc. (the “Obligation”) between the
Company and a fund managed by Sprott Resource Lending Corp (“Sprott”), the Company has received
A Conversion Election Notice from Sprott to convert US$ 2,631,463 of the Obligations into 6,900,000
units in the capital of the Company at a conversion price of C $0.52 per unit (the “Units”) , with e ach
Unit consisting of one common share of the Co mpany and one share pur chase warrant which is
exercisable into one common share of the Co mpany until November 28, 2026 at an exercise price of
C$0.68 per common share . (Refer to news release of June 19, 2023 , and August 14, 2023 for more
details.) Issuance of the 6,900,000 Units are subject to final approval of the TSX Venture Exchange.
ABOUT WEST RED LAKE GOLD MINES LTD.
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 Development
Tel: 416-203-9181
Email: [email protected]
or visit the Company’s website at https://www.westredlakegold.com
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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 information included in this press release constitutes forward -looking information under
applicable securities legislation. Forward-looking information typically contains statements with words
such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project",
"scheduled", "will" or similar words suggesting future outcomes or statements regarding an outlook.
The forward-looking statements contained in this press release are based on certain key expectations
and assumptions made by the Company. Although the Company believes that the expectations and
assumptions on which the forward-looking statements are based are reasonable, undue reliance should
not be placed on the forward-looking statements because the Company can give no assurance that they
will prove to be correct. Since forward-looking statements address future events and conditions, by their
very nature they involve inherent risks and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks.
The forward-looking information contained in this press release is made as of the date hereof and the
Company undertakes no obligation to update publicly or revise any forward- looking information,
whether as a result of new information, future events or otherwise, unless required by applicable
securities laws. The forward-looking information contained in this press release is expressly qualified by
this cautionary statement.
All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.
For more information on the Company, investors should review the Company’s continuous disclosure
filings that are available at www.sedarplus.ca.