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West Red Lake Gold Mines Ltd V.WRLG

Alternate Symbol(s):  WRLGF | V.WRLG.WT | WLGMF | V.WRLG.WT.A | V.WRLG.NT.U | V.WRLG.WT.B

West Red Lake Gold Mines Ltd. is a Canada-based mineral exploration company. The Company is focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 square kilometers (km2) highly prospective land package in the Red Lake district of Ontario. The Madsen Property comprises a contiguous group of approximately 251 mining leases, mining patents and unpatented mining claims covering an aggregate area of 4,648 hectares (46.5 km2). It 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. The Rowan Property is comprised of 146 claims, including 58 patented claims, 20 leased, 65 staked crowns and three under license of occupation. The 3,100-hectare Rowan Property covers 12 km of strike length on the regional east-west trending Pipestone Bay St Paul Deformation Zone.


TSXV:WRLG - Post by User

Post by MarketMakersson Oct 18, 2024 4:36pm
149 Views
Post# 36272425

WRLG Upsizes Raymond James Bought Deal Financing to $25M

WRLG Upsizes Raymond James Bought Deal Financing to $25MWest Red Lake Gold (WRLG.v WRLGF) Secures Over $70 Million for Madsen Gold Mine Restart
 
Today, West Red Lake Gold (WRLG.v WRLGF) announced that it has upsized yesterday's bought-deal financing agreement with Raymond James, for gross proceeds exceeding $25,000,000.
 
This comes a day after WRLG announced that it has secured commitments exceeding C$68 million to fund the restart of its Madsen Gold Mine, which is expected to recommence production in 2025.
 
Financing Package Details
The financing package is comprised of:
  • US$35 Million Loan Facility from Nebari Natural Resources Credit Fund II, LP
  • Now C$25 Million Bought-Deal Equity Offering with Raymond James Ltd.
 
Madsen Mine Restart Plan
Provides the capital anticipated to restart the Madsen mine, according to the company's detailed internal mine plan, said Shane Williams, President and CEO of WRLG, commented yesterday:
. “Upon closing this C$68 million package, along with existing cash on hand, we anticipate the company will be well positioned to complete the Madsen pre-feasibility study, the ongoing test mining program, the proactive capital projects underway at the mine site, and the restart and ramp up of the mine, including working capital and corporate requirements.
 
Having completed 40,000m of definition drilling alongside significant mine engineering and multiple capital projects and studies, the pre-feasibility study is expected to be released within a month and test mining will continue into Q1 2025, after which the mine will transition to production.
 
Full News Release: https://westredlakegold.com/west-red-lake-gold-announces-upsize-to-previously-announced-bought-deal-public-offering/
 
Posted on Behalf of West Red Lake Gold Mines Ltd.

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