Toronto, Ontario (FSCwire) - West Red Lake Gold Mines Inc. (“West Red Lake Gold” or the “Company”) (CSE: RLG) (FWB: HYK) (OTC: HYLKF) announces that it has completed a non brokered private placement of common share units for aggregated gross proceeds of $180,000.
The Company issued 3,600,000 common share units (the “Common Share Units”) at a price of $0.05 per Common Share Unit for aggregated gross proceeds of $180,000. Each Common Share Unit consists of one common share in the capital of the Company and one half of a common share purchase warrant (the “Warrant”). Each full Warrant issued in connection with the financing entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.10 per share for a period of 24 months from the date of issuance.
Proceeds from the Common Share Units will be used for exploration expenditures on the Company’s gold project located in Red Lake, Ontario, and for general corporate purposes.
In connection with the financing, the Company paid $14,400 in finders’ fees to qualified registrants. As a result of the financing, Accilent Capital Management Inc., an investment advisory services firm and principal shareholder of the Company through its involvement as a finder and as a subscriber of Common Share Units through its affiliate Pavilion Limited Partnerships, has increased its direct and indirect holdings of the voting securities of the Company from 34.9% to 38.7% on a fully diluted basis.
West Red Lake Gold Mines Inc. is a Toronto-based minerals exploration company focused on gold exploration and development in the prolific Red Lake Gold District of Northwest Ontario, Canada. The Red Lake Gold District is host to some of the richest gold deposits in the world and has produced 30 million ounces of gold from high grade zones. The Company has assembled a significant property position totalling 3100 hectares in west Red Lake (the "West Red Lake Project") which contains three former producing gold mines. The Mount Jamie Mine and Red Summit Mine are 100% owned by the Company and the Rowan Mine is held in a 60%-owned joint venture with Red Lake Gold Mines, a partnership of Goldcorp Inc. and Goldcorp Canada Ltd. The West Red Lake Project property covers a 12km strike length along the West Red Lake Trend and the Company plans to continue to explore the property both along strike and to depth. To find out more about West Red Lake Gold, please visit our website at http://www.westredlakegold.com.
For additional information, please contact: John Kontak, President and acting CFO
Phone: 416-203-9181 Email: jkontak@rlgold.ca
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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Westred02122016.pdf
Source:
West Red Lake Gold Mines Inc. (CSE:RLG) http://www.westredlakegold.com/
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