West Red Lake Gold Mines Ltd. (Ticker WRLG.v or WRLGF for US investors) is up 24% this week following the announcement that it successfully concluded a brokered private placement offering, securing over $15 million.
This offering comprised 29 million units, priced at $0.52 per unit. Each unit comprises one common share and one common share purchase warrant, allowing holders to acquire a common share at $0.68 for the next three years.
The generated funds will be allocated to advancing the company's mineral properties in Ontario, in addition to addressing working capital needs and other corporate purposes.
The prolific Red Lake Mining district of Ontario, renowned for its gold mining history with an impressive 30 million ounces extracted from high-grade zones, houses the Madsen Gold Mine and the Rowan Gold Property under WRLG's control.
Madsen, WRLG's cornerstone project, stands out for its financial stability and complete authorization. Equipped with an advanced mill capable of processing over 800 tonnes per day, Madsen plays a pivotal role in the company's ventures. The Rowan project, part of WRLG's diverse portfolio, includes the previously productive gold mines of Rowan, Mount Jamie, and Red Summit.
Recent updates from metallurgical tests on the Rowan Mine Deposit indicate a promising coarse nature of the gold deposit, consistent with findings at Madsen and nearby deposits, showcasing the geological richness of the area.
Likewise, drill results from the Madsen Mine's North Austin Zone suggest high-grade mineralization in the North Austin Zone, extending the current resource to the northeast, indicating substantial resource growth potential.
Noteworthy 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's openness down-plunge and along strike makes it a focal point for expansion efforts.
Full News: 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.