West Red Lake Announces $1.5 Million Flow Through Financing

West Red Lake Gold Mines (CSE: RLG) this evening announced a financing for gross proceeds of $1.5 million. The company currently intends to sell up to 7,500,000 flow through units of the company at a price of $0.20 per unit. Proceeds from the financing are to be used for exploration in 2020 and 2021 at the firms flagship 3,100 acre Red Lake property in Ontario.

Each flow through unit is to contain one common share and one half of one common share purchase warrant. Each warrant has an expiry of eighteen months from the date of issue, and an exercise price of $0.25 per unit. Shares are to be issued on a flow through basis pursuant with the Income Tax Act of Canada.

Further, the offering is being made available to all shareholders of the company on record as of August 18, 2020. These shareholders are eligible to participate in the financing on under the existing shareholder exemption, provided the company is notified of the interest to participate by August 26, 2020. Units of the offering are available on a first come, first served basis.

West Red Lake Gold Mines last traded at $0.16 on the CSE.


FULL DISCLOSURE: West Red Lake Gold Mines Inc is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover West Red Lake Gold Mines Inc on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Gold Play: How to Structure a No-Dilution Mining Deal with Majors | Chad Peters – Ridgeline Minerals

In this interview, Chad Peters, President & CEO of Ridgeline Minerals Corp. (TSXV: RDG), outlines...

Wednesday, December 4, 2024, 01:15:00 PM

Falcon Gold Signs MOU To Expand Central Canada Property

Falcon Gold (TSXV: FG) this morning announced that it has signed a memorandum of understanding...

Thursday, April 23, 2020, 09:22:12 AM

Superior Gold Drills 14.8 g/t Gold Over 13.4 Metres At Plutonic

Superior Gold Inc. (TSXV: SGI) today released drill results from their current underground diamond drill...

Wednesday, June 23, 2021, 08:25:22 AM

Gold Heist? US$15 Million Worth of ‘High-Value’ Cargo Stolen at Pearson Airport

An aircraft shipping container carrying US$15 million worth of precious cargo has gone missing at...

Friday, April 21, 2023, 10:19:00 AM

Is This The Low for Gold? — With Jeffrey Christian of CPM Group

Returning today to the Daily Dive is Jeffrey Christian, founder & managing director of the...

Friday, October 28, 2022, 01:30:00 PM