VANCOUVER, British Columbia, Dec. 18, 2023 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG) (OTCQX: WRLGF) is pleased to announce the results of its annual general meeting of shareholders held on December 15, 2023. The Company elected seven directors to its board, namely, Tom Meredith, Shane Williams, Anthony Makuch, Duncan Middlemiss, Hugh Agro, John Heslop, and Susan Neale.
The shareholders approved all other matters as proposed, including the appointment of MNP LLP, Chartered Professional Accountants as auditors of the Company and approval of the Company’s stock option plan.
The Company further announces that on December 14, 2023, as payment of US$2,631,463 to a fund managed by Sprott Resource Lending Corp (“Sprott”) for deferred consideration related to the Company’s acquisition of Pure Gold Mining Inc. (the “Obligation”), the Company issued 6,900,000 units in the capital of the Company at a price of C$0.52 per unit (the “Units”), with each Unit consisting of one common share of the Company and one share purchase warrant which is exercisable into one common share of the Company until November 28, 2026 at an exercise price of C$0.68 per common share, and issued a replacement promissory note dated December 14, 2023 in the amount of US$2,901,631 to Sprott for the remaining Obligation.
ABOUT WEST RED LAKE GOLD MINES LTD.
West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 km2 highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world's richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km2 including three past producing gold mines - Rowan, Mount Jamie, and Red Summit.
ON BEHALF OF WEST RED LAKE GOLD MINES LTD.
“Shane Williams”
Shane Williams
President & Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Freddie Leigh
Tel: (604) 609-6132
Email: investors@westredlakegold.com
or visit the Company’s website at https://www.westredlakegold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "scheduled", "will" or similar words suggesting future outcomes or statements regarding an outlook. The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.
For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedarplus.ca.
