WRLG.v Shoots Up After Raising $15M Through PP West Red Lake Gold Mines Ltd. (Ticker WRLG.v or WRLGF for US investors) has shot up 20% on the TSXV so far today on high and above-average volume.
Two articles have been released on the gold junior since yesterday which may have acted as catalysts.
A News Direct article released yesterday highlighted the recently released drill results from the North Austin Zone at WRLG's Madsen Mine in the Red Lake Gold District of Northwestern Ontario, Canada.
The Madsen Mine, WRLG's flagship asset, is fully permitted with a new 800+ tonne per day mill and other facilities. The drill results indicate high-grade mineralization in the North Austin Zone, extending the current resource to the northeast.
The company believes these results demonstrate significant resource growth potential. The North Austin Zone, located near existing infrastructure, is considered a high-caliber target for potential early development during future mine restart and production.
Notable drill highlights include intersections such as 10.28m @ 27.15 g/t Au and 8.5m @ 22.31 g/t Au. The North Austin Zone remains open down-plunge and along strike, making it a priority expansion target.
Full here article: https://newsdirect.com/news/west-red-lake-golds-wrlg-v-drills-hit-high-grade-in-the-north-austin-zone-706136863
Today, the company shared that it has successfully closed a brokered private placement offering, raising $15,080,000. The offering comprised 29,000,000 units at a price of $0.52 per unit.
Each unit consists of one common share and one common share purchase warrant. The warrants allow holders to acquire one common share at $0.68 for three years.
The net proceeds will be utilized to advance the company's mineral properties in Ontario, along with working capital and general corporate purposes.
Full press releases here: https://westredlakegold.com/west-red-lake-gold-mines-ltd-closes-15080000upsized-brokered-private-placement-of-units/
Posted on behalf of West Red Lake Gold Mines Ltd.