West Red Lake Announces $30 Million Bought Deal Public Offering

Core Viewpoint - West Red Lake Gold Mines Ltd. has entered into an agreement with Raymond James Ltd. for a bought deal offering, aiming to raise approximately C$30 million through the sale of common shares and charity flow-through shares [1][3]. Group 1: Offering Details - The company will issue 26,316,000 common shares at a price of $0.95 each and 3,760,000 charity flow-through shares at C$1.33 each [1]. - An over-allotment option has been granted to Raymond James to purchase up to an additional 15% of the common shares at the same issue price [2]. - The offering is expected to close on or about September 23, 2025, subject to necessary approvals [5]. Group 2: Use of Proceeds - Net proceeds from the common shares will be used to advance the Madsen Gold Mine, including ramping up operations to commercial production and expediting capital projects for higher output [3]. - Proceeds will also support growth opportunities, working capital, and general corporate purposes [3]. - Gross proceeds from the charity flow-through shares will fund qualifying Canadian exploration expenses, primarily at the Rowan Project, which includes infill drilling and environmental work for a pending Pre-Feasibility Study [3]. Group 3: Company Overview - West Red Lake Gold Mines Ltd. focuses on the Madsen Gold Mine and holds a highly prospective land package in the Red Lake district of Ontario, which has produced over 30 million ounces of gold [7]. - The company also owns the Rowan Property, covering 31 km and including three past-producing gold mines [7].