West Red Lake Gold Mines Inc. (“West Red Lake Gold” or the “Company”) (CSE: RLG) (FWB: HYK) (OTC: HYLKF) announces that it 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 $0.10 per common share for proceeds of $481,680.
Proceeds will be used for work on the Company’s gold project located in Red Lake, Ontario, and for general corporate purposes. The funds 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 funding partners have advised that they plan to transact additional equity funding 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 $0.25 per share for a term of three years. The Company has also issued 476,128 common shares at a deemed value of $0.25 per share for $119,032 of services to the Company by several providers.
West Red Lake Gold Mines Inc. is a Toronto-based minerals exploration company focused on gold exploration and development in the prolific Red Lake Gold District of Northwest Ontario, Canada. The Red Lake Gold District is host to some of the richest gold deposits in the world and has produced 30 million ounces of gold from high grade zones. The Company has assembled a significant property position totalling 3100 hectares in west Red Lake (the “West Red Lake Project”) which contains three former gold mines. The Mount Jamie Mine and Red Summit Mine properties are 100% owned by the Company and the Rowan Mine property is held in a 60%-owned joint venture with Red Lake Gold Mines, a partnership of Goldcorp Inc. and Goldcorp Canada Ltd. The West Red Lake Project property covers a 12 kilometre strike length along the Pipestone Bay-St Paul Deformation Zone and the Company plans to continue to explore the property both along strike and to depth. To find out more about West Red Lake Gold, please visit our website at http://www.westredlakegold.com.
For more information, please contact: John Kontak, President and Acting CFO, Phone: 416-203-9181 Email: firstname.lastname@example.org
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. Certain statements contained in this news release constitute “forward looking statements”. When used in this document, the words “anticipated”, “expect”, “estimated”, “forecast”, “planned”, and similar expressions are intended to identify forward looking statements or information. These statements are based on current expectations of management, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. West Red Lake Gold does not undertake any obligation to revise or update any forward- looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.