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West Red Lake receives $481,680 from warrant exercise
2016-05-27 15:39 ET - News Release
Mr. John Kontak reports
WEST RED LAKE GOLD WARRANT FUNDING
West Red Lake Gold Mines Inc. has received proceeds from the exercise of warrants in the amount of $481,680.
All of the outstanding 4,816,800 warrants expiring June 30, 2016, have been exercised, and the company has issued a total of 4,816,800 common shares at a price of 10 cents per common share for proceeds of $481,680.
Proceeds will be used for work on the company's gold project located in Red Lake, Ont., and for general corporate purposes. The proceeds provided from the warrant exercise are planned for use in the fall 2016 exploration drill program which will follow the previously announced 2016 summer exploration drill program. With regard to additional exploration programs in 2017, company financing partners have advised that they plan to transact additional equity financing that would follow up on previous common share financings provided by them over the prior two years.
The company also announces the grant of 900,000 options to consultants and service providers at an exercise price of 25 cents per share for a term of three years. The company has also issued 476,128 common shares at a deemed value of 25 cents per share for $119,032 of services to the company by several providers.
We seek Safe Harbor.
© 2016 Canjex Publishing Ltd. All rights reserved.
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