(via TheNewswire)
Closing of both the Common Share Unit Financing and the Flow-Through Share Unit Financing occurred on
The Units issued under the Common Share Unit Financing and the Flow-Through Share Unit Financing are subject to a customary four-month hold period pursuant to applicable securities laws of
Following completion of the Common Share Unit Financing and Flow-Through Share Financing, the Corporation has 41,739,169 common shares issued and outstanding.
The Corporation intends to use the closing proceeds of the Common Share Unit Financing for working capital purposes and the closing proceeds of the larger Flow-Through Share Unit Financing for exploration purposes.
There were no finder’s fees paid by the Corporation under the Common Share Unit Financing nor under the Flow-Through Share Unit Financing.
Insider Participation / Funding Requirements
An Insider of the Corporation (as that first term is defined by securities laws) supported the working capital position of
The Corporation does not generate any positive working capital through its early-stage operations. As such,
Regulatory Notice
The Financings are 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 under the Financings do 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 Financings as the details of the transaction therein by related parties of the Corporation were not settled until shortly prior to closing of the Financings and the Corporation wished to close on an expedited basis for sound business reasons.
About
The Corporation is subject to various risks and uncertainties, including those risks and uncertainties set out in its public filings, such public filings generally being available, without limitation, through SEDAR+ (www.sedarplus.ca) and the Corporation’s Disclosure Hall on the CSE website (thecse.com/listings/red-lake-gold-inc/#disclosure).
On Behalf of the Board of Directors
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 raise funding in future, if any financings 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, assessment work required to maintain the same and/or exploration work performed. 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.
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Copyright (c) 2024 TheNewswire - All rights reserved., source