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.
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