West Red Lake closes $575,000 private placement
2016-04-05 19:07 ET - News Release
Shares issued 82,624,248
RLG Close 2016-04-05 C$ 0.12
Mr. John Kontak reports
WEST RED LAKE GOLD MINES CLOSES $575,000 FINANCING
West Red Lake Gold Mines Inc. has completed a non-brokered private placement of common share units for total gross proceeds of $575,000.
The company issued 5.75 million common share units at a price of 10 cents per common share unit for total gross proceeds of $575,000. Each common share unit consists of one common share in the capital of the company and one common share purchase warrant. Each 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 15 cents per share for a period of 24 months from the date of issuance.
Proceeds from the financing will be used for exploration on the company's gold exploration project located in Red Lake, Ont., and for general working capital purposes. Exploration work is planned to commence following the spring breakup period.
The company also announces that options have been granted to directors and consultants of the company to purchase, in total, up to 400,000 common shares in the capital of the company at an exercise price of 15 cents per common share for a period of three years.
In connection with the financing, the company issued 261,000 common shares in finders' fees to eligible persons.
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