West Red Lake Gold Mines Ltd. ( trading as WRLG.v or WRLGF for US investors), operates the Madsen Mine, a fully permitted gold mine nestled in Canada's high-grade Red Lake gold district.
With a whopping C$350 million invested thus far and robust underground surface infrastructure, including a cutting-edge 800+ tonne/day mill, WRLG's flagship Madsen Gold Project presents an enticing value proposition.
As of June 2023, the project boasts an indicated mineral resource of 1.65 million ounces of gold, averaging 8.9 grams per tonne (g/t) within approximately 6.9 million tonnes. Additionally, the inferred category holds 0.37 million ounces of gold at an average grade of 6.3 g/t within approximately 1.8 million tonnes.
Recently, WRLG disclosed plans to raise US$20 million through a private placement. The placement involves selling units comprising gold-linked notes and common share purchase warrants.
Billionaire mining mogul Frank Giustra, holding 11% of WRLG's outstanding shares, has expressed intent to participate in the Offering by subscribing for 3,700 Units, representing US$3.7 million in gross proceeds.
Giustra's involvement signifies confidence in the company, while WRLG's issuance of gold-linked notes underscores belief in its future gold production capabilities.
The raised funds are anticipated to play a pivotal role in advancing the Madsen Project, facilitating further exploration, operational enhancements, and overall project development, thereby propelling WRLG closer to its production goals.
Full news here: https://westredlakegold.com/west-red-lake-gold-announces-a-us20-million-private-placement-of-gold-linked-notes/
Posted on behalf of West Red Lake Gold Mines Ltd.