WEST Red Lake GOLD Announces Upsize to Previously Announced Bought Deal Public Offering
WEST RED LAKE GOLD ANNOUNCES UPSIZE TO PREVIOUSLY
ANNOUNCED BOUGHT DEAL PUBLIC OFFERING
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES
TORONTO, October 18, 2024 -- West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG”
or the “Company”) (TSXV: WRLG) (OTCQB: WRLGF) is pleased to announce, it has agreed with
Raymond James Ltd., to increase the size of its previously announced bought -deal financing. West Red
Lake will now issue 36,232,000 units of the Company (“Units”) at a price of C$ 0.69 per Unit for gross
proceeds of C$25,000,080 (the “Offering”). Each Unit is comprised of one common share (each a “Common
Share”) and one common Share purchase warrant (each whole warrant a “Warrant”). Each Warrant will
entitle the holder thereof to purchase one Common Share at a price of C$0.90 for a period of 36 months
following the closing of the Offering.
The Company has also granted to the Underwriters an over-allotment option to purchase an additional 15%
of the base Offering, for additional gross proceeds to the Company of up to C$3,750,012, to acquire Units,
Common Shares and/or Warrants (or any combination thereof), at the Underwriters’ discretion, and shall
be exercisable by the Underwriters, in whole or in part, for a period of 30 days from and including the closing
date.
In all other respects, the terms of the Offering and use of proceeds there from will remain as previously
disclosed in the original press release dated October 24, 2024.
Copies of the Base Prospectus and the Supplement will be available on the Company’s SEDAR+ page at
www.sedarplus.ca.
The securities have not been, and will not be, registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in
the United States without registration under the U.S. Securities Act and all applicable state securities laws
or compliance with the requirements of an applicable exemption therefrom. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there
be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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
President & Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Gwen Preston
Tel: (604) 609-6132
Email: [email protected] 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.
Forward looking information
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 and definitive amount of the Loan Facility, closing of the
Offering, the anticipated timing of the mill restart and commissioning, the outcome of a formal mine restart
decision, the timing of commercial production at Madsen, the estimated capital needs required to restart
Madsen, the exercise of the over -allotment option, the use of proceeds of the Loan Facility and Offering
and the expected closing date of the Loan Facility and Offering. Readers are cautioned not to place undue
reliance on forward-looking information.
Forward-looking information involve numerous risks and uncertainties and actual results might diff er
materially from results suggested in any forward-looking information. These risks and uncertainties include,
among other things, market volatility; the state of the financial markets for the Company’s securities;
fluctuations in commodity prices, actual costs versus anticipated budgeted costs for the restart of Madsen,
and changes in the Company’s business plans. Forward- looking information is based on a number of key
expectations and assumptions, including without limitation, that the TSXV will approve the Offering, that the
gold market will remain robust, that the Company will continue with its stated business objectives and its
ability to raise additional capital to proceed. Although management of the Company has attempted to
identify important factors that could cause actual results to differ materially from those contained in forward-
looking information, there may be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such forward- looking information will prove to be accurate, as
actual results and future events could differ materially from those anticipated in such forward- looking
information. Accordingly, readers should not place undue reliance on forward-looking information. Readers
are cautioned that reliance on such information may not be appropriate for other purposes. Additional
information about risks and uncertainties is contained in the Company’s management’s discussion and
analysis for the year ended November 30, 2023, and the Company’s annual information form for the year
ended November 30, 2023, copies of which are available on SEDAR+ at www.sedarplus.ca.
The forward- looking information contained herein is expressly qualified in its entirety by this cautionary
statement. Forward-looking information reflects management’s current beliefs and is based on information
currently available to the Company. The forward- looking information is made as of the date of this news
release and the Company assumes no obligation to update or revise such information to reflect new events
or circumstances, except as may be required by applicable law.
For more information on the Company, investors should review the Company’s continuous disclosure filings
that are available on SEDAR+ at www.sedarplus.ca.