NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES TORONTO, May 08, 2024 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. ("West Red Lake Gold" or "WRLG" or the "Company") (TSXV:WRLG) (OTCQB:WRLGF) is pleased to announce that it has amended its previous agreement with Raymond James Ltd. as sole bookrunner, on behalf of a syndicate of underwriters (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a "bought deal" basis, 27,778,000 units (the "Units") and 11,236,000 charity-flow through units (the "Charity Flow-Through Units") of the Company at a price of C$0.72 per Unit (the "Unit Issue Price") and C$0.89 per Charity Flow-Through Unit (the "Charity Flow-Through Issue Price"), respectively, for aggregate gross proceeds to the Company of approximately C$30 million (the "Offering"). The terms of the Offering have been amended to provide for a full Warrant (as defined below) rather than a half Warrant as part of each of the Units and Charity Flow-Through Units and to remove the acceleration feature of the Warrants. Each Unit will now consist of one common share of the Company ("Common Shares") and one common share purchase warrant, (a "Warrant"). Each Warrant will entitle the holder to acquire one common share of the Company for an exercise price of $1.00 per share for 24 months from the Closing Date. Each Charity Flow-Through Unit will now consist of one common share of the Company issued as "flow-through shares" within the meaning of the Income Tax Act (Canada (each, a "Flow-Through Unit Share") and one Warrant. Upon the exercise of the Warrants issued as part of the Flow-Through Units, the underlying common share will not be issued as "flow-through shares" within the meaning of the Income Tax Act (Canada). The Company has agreed to grant the Underwriters an over-allotment option to purchase up to an additional 15% of the aggregate number of Units at the Unit Issue Price, exercisable in whole or in part at any time for a period ending 30 days from the closing of the Offering. The net proceeds pursuant to the issuance of the Units are expected to be used to continue to advance the development of a restart plan for the Madsen Gold Mine as well as for working ...