Vancouver, British Columbia, September 4, 2024 – TheNewswire – Red Lake Gold Inc. (CSE: RGLD)(“Red Lake Gold” or the "Corporation") is pleased to report that it has closed its previously announced non-brokered common share unit financing (the "Financing") by way of the issuance of three and a half million common share units (the “Units”) for proceeds of $192,500.00, the Financing being on terms previously announced by the Corporation (see news release, Red Lake Gold Inc. Announces Financing, dated August 22, 2024).

There were zero finder’s fees paid by the Corporation under the Financing and closing of the Financing occurred today, September 4, 2024.

The Corporation intends to use the proceeds of the Financing for working capital purposes and to advance its Whirlwind Jack Gold Project.

The Units issued under the Financing are subject to a customary four-month and one day hold period pursuant to applicable securities laws of Canada.

Following completion of the Financing, the Corporation has 45,239,169 common shares issued and outstanding.

Insider Participation

One Insider of the Corporation (as that first term is defined by securities laws) supported the working capital position of the Corporation by way of participation in the Financing and purchased three and a half million Units, on a direct basis, representing a personal investment of $192,500 into the Corporation’s common share equity by the participating Insider.

Regulatory Notices

The Financing is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 (“MI 61-101”) by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the consideration for the securities of the Corporation to be issued to the Insider does not exceed 25% of its market capitalization.

The Corporation did not file a material change report more than twenty-one days before the expected closing of the Financing as the details of the transaction therein by related parties of the Corporation were not settled until shortly prior to closing of the Financing and the Corporation wished to close on an expedited basis for sound business reasons.

On Behalf of the Board of Directors

Nicholas Koo
Chief Financial Officer

T: 604.687.2038
Email: info@redlakegold.ca

 

Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties, including but not limited to the Corporation’s ability to successfully close future financings, if any are announced, and, if so, the terms or subscriber composition of such future financings, as well as to the composition or good-standing nature of exploration projects held by the Corporation, including but not necessary limited to the Whirlwind Jack Gold Project. Actual results may differ materially from those currently expected or forecast in such statements.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE Exchange) accepts responsibility for the adequacy or accuracy of this release.