West Red Lake arranges $30-million public offering

Executive Summary

• West Red Lake Gold Mines Ltd. entered into a bought‑deal public offering with Raymond James Ltd., selling 26,316,000 common shares at C$0.95 and 3.76 million charity flow‑through shares at C$1.33, for aggregate gross proceeds of ~C$30 million.
• Net proceeds will fund the ramp‑up of the Madsen gold mine to commercial production, accelerate capital projects, support growth opportunities, working capital, and general corporate purposes; charity flow‑through proceeds will finance exploration on the Rowan project.
• Raymond James received an overallotment option for up to an additional 15% of the common shares, exercisable within 30 days after closing (expected ~Sept 23 2025).

Key Details

• Offering Structure: Bought‑deal public offering; sole underwriter: Raymond James Ltd.
• Shares Issued:
• 26,316,000 common shares @ C$0.95 per share → ≈ C$25.0 M gross proceeds.
• 3,760,000 charity flow‑through shares @ C$1.33 per share → ≈ C$5.0 M gross proceeds.
• Overallotment Option: Up to an additional 15% of the aggregate common share count, at the same issue price, exercisable any time within 30 days post‑closing.
• Use of Proceeds – Common Shares:
• Advance Madsen gold mine development and complete ramp‑up to commercial production.
• Expedite capital projects for higher output earlier than scheduled.
• Pursue additional growth opportunities, working capital, and general corporate purposes.
• Use of Proceeds – Charity Flow‑Through Shares:
• Fund qualifying Canadian exploration expenses, primarily on the Rowan project.
• Support infill drilling, engineering work, and environmental studies for a pending prefeasibility study.
• Prospectus Basis: Short‑form base shelf prospectus dated April 30 2024, supplemented by provincial filings (excluding Quebec). Common shares also to be offered via private placements in the U.S. and other jurisdictions exempt from prospectus requirements.
• Closing Date: Expected on or about September 23 2025, subject to customary conditions including TSX Venture Exchange approval.

Notable Quotes

(No direct quotes were provided in the release.)