Non-brokered sale offers 12 million flow-through units at C$0.15 each
By Devika Patel
Knoxville, Tenn., Oct. 12 - West Red Lake Gold Mines Inc. said it raised C$300,000 in the first tranche of a C$1.8 million non-brokered private placement of units on Oct. 5.
The company is selling 12 million units of one flow-through common share and a half-share warrant at C$0.15 per unit. It sold 2 million units in the initial tranche.
Each whole warrant is exercisable at C$0.20 for 18 months. The strike price is a 42.86% premium to the Oct.4 closing share price of C$0.14.
Settlement of the remaining C$1.5 million is expected Oct. 26.
Proceeds will be used for exploration and development of the Mount Jamie Mine, Rowan Lake Mine and Red Summit Mine properties.
West Red Lake is a gold explorer in Toronto.
| Issuer: | West Red Lake Gold Mines Inc.
|
| Issue: | Units of one flow-through common share and a half-share warrant
|
| Amount: | C$1.8 million
|
| Units: | 12 million
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Settlement dates: | Oct. 5 (for C$300,000), Oct. 26 (for C$1.5 million)
|
| Stock symbol: | CNSX: RLG
|
| Stock price: | C$0.14 at close Oct. 4
|
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