West Red Lake Gold Announces Close of Upsized $41 Million Bought Deal Public Offering

Core Viewpoint - West Red Lake Gold Mines Ltd. has successfully closed a bought deal public offering, raising a total of C$40,651,260 through the issuance of common shares and charity flow-through shares, aimed at advancing its Madsen Gold Mine and supporting exploration activities at the Rowan Project [1][2][3][4]. Group 1: Offering Details - The offering included 37,526,800 common shares priced at C$0.95 each, generating gross proceeds of C$35,650,460, and 3,760,000 charity flow-through shares priced at C$1.33 each, yielding gross proceeds of C$5,000,800 [1]. - The total gross proceeds from both offerings amounted to C$40,651,260 [1]. Group 2: Use of Proceeds - Net proceeds from the common shares will be allocated to advancing the Madsen Gold Mine, including ramping up to commercial production and pursuing growth opportunities, as well as for working capital and general corporate purposes [2]. - Proceeds from the charity flow-through shares will be directed towards qualifying Canadian exploration expenses, primarily at the Rowan Project, which includes infill drilling, engineering, and environmental work in support of a Pre-Feasibility Study [3]. Group 3: Company Overview - West Red Lake Gold Mines Ltd. is focused on its flagship Madsen Gold Mine and holds a highly prospective land package in the Red Lake district of Ontario, which has historically produced over 30 million ounces of gold [6]. - The company also owns the Rowan Property, covering 31 km² and including three past-producing gold mines [6].