WEST Red Lake GOLD Mines Ltd. Completes Business Combination
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WEST RED LAKE GOLD MINES LTD.
(formerly DLV Resources Ltd.)
SUITE 3123 - 595 BURRARD STREET
VANCOUVER, BC V7X 1J1
Tel: (604) 609-6110
WEST RED LAKE GOLD MINES LTD. COMPLETES
BUSINESS COMBINATION
December 30, 2022
Vancouver, British Columbia – West Red Lake Gold Mines Ltd. (“West Red Lake”) (TSXV: DLV.H) and
West Red Lake Gold Mines Inc. (“RLG”) (CSE: RLG) are pleased to announce that they have completed
their business combination pursuant to which West Red Lake has acquired all of the issued and out standing
common shares of RLG in consideration for the issuance of 0.1215 of a West Red Lake common share for each
RLG common share acquired (the “Transaction”).
Pursuant to the Transaction, the RLG shareholders will receive 0.1215 (the “Exchange Ratio”) of a West Red
Lake common share for each RLG common share held, resulting in an aggregate of 35,451,916 West Red Lake
common shares being issued to the RLG shareholders. Holders of convertible securities of RLG will receive
convertible securities of West Red Lake as adjusted by the E xchange Ratio, resulting in the issuance of
replacement options to acquire 978,075 West Red Lake common shares and replacement warrants to acquire
538,603 West Red Lake common shares. In addition, 1,700,000 common shares of We st Red Lake were issued
to certain persons as finders shares in respect of the Transaction.
In connection with the closing of the Transaction, the existing directors of West Red Lake have resigned, an d
the Board of Directors has been reconstituted to consist of Tom Meredith, John Heslop, Ryan Weymark, Susan
Neale and Rob van Egmond. Mr. Meredith has been appointed as Chief Executive Officer, and Jasvir Kaloti will
continue as Chief Financial Officer and Corporate Secretary.
Following the Transac tion, West Red Lake will continue the business of RLG, being the exploration and
development of the West Red Lake Project located in the Red Lake Gold District of Northwest ern Ontario,
Canada. Please refer to West Red Lake’s news release dated August 16, 2022 , for more information on the
property.
In connection with the Transaction, West Red Lake has changed its name from “DLV Resources Ltd.” to “West
Red Lake Gold Mines Ltd.” . It is anticipated that West Red Lake will graduate to Tier 2 of the TSX Venture
Exchange as a Mi ning Is suer, and trading in its common shares will resume unde r the symbol “WRLG”
effective Thursday, January 5th, 2023. It is expected that the common shares of RLG will be de-listed from the
Canadian Securities Exchange on January 5th, 2023. All common shares issued pursuant to the Transaction are
free of any hold period.
In addition, West Red Lake has granted an aggregate of 3,775,000 stoc k options to directors, officers,
consultants, and employees of West Red Lake and to certain charitable or ganizations. The options are
exercisable at a price of $0.50 per share for a period of 10 years from the date of grant.
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ON BEHALF OF WEST RED LAKE GOLD
MINES LTD.
“Tom Meredith”
Tom Meredith
Chief Executive Officer
For further information, please contact:
Jasvir Kaloti
CFO & Corporate Secretary
Tel: (604) 609-6110
ON BEHALF OF WEST RED LAKE GOLD
MINES INC.
“John Kontak”
John Kontak
President
For further information, please contact:
John Kontak
President
Tel: (416) 203-9181
Neither the TSX Venture Exchange nor its Regulation Services P rovider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Canadian Securities 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", "fo recast", "planned", and similar e xpressions are
intended to identify forward -looking st atements or info rmation. 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 res ults to differ mater ially from the forward -looking sta tements in this news
release. Readers are cautioned not to place undue reliance on these statements. West Red Lake does not
undertake any obligation to revis e or update any forward- looking statements as a result of new inf ormation,
future events or otherwise after the date hereof, except as required by securities laws.