Toronto, Ontario–(Newsfile Corp. – December 30, 2022) – West Red Lake Gold Mines Inc. (CSE: RLG) (“West Red Lake Gold” or the “Company”) announces that it completed a non-brokered private placement of flow-through shares (the “Shares”) for aggregated gross proceeds of $500,000 (the “Offering”).
The Company issued 10,000,000 Shares on a “flow- through” basis pursuant to the Income Tax Act (Canada) at a price of $0.05 per Share for aggregated gross proceeds of $500,000.
Gross proceeds from the Offering will be used by the Company for exploration expenditures on its 3,100 hectare West Red Lake Project property located in the prolific Red Lake Gold District of Northwest Ontario.
In connection with the financing, the Company paid finders fees in the form of 800,000 common shares priced at $0.05 to Accilent Capital Management Inc., an insider of the Company who participated in the Offering through fees and as a subscriber of Shares through its affiliate Pavilion Flow-Through L.P.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. Certain statements contained in this news release constitute “forward-looking statements.” When used in this document, the words “anticipated”, “expect”, “estimated”, “forecast”, “planned”, and similar expressions are intended to identify forward-looking statements or information. These statements are based on current expectations of management, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. West Red Lake Gold does not undertake any obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.
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