West 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.