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West Red Lake Gold Announces Upsize To Previously Announced Bought Deal Public Offering

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Oct. 18, 2024 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. ("West Red Lake Gold" or "WRLG" or the "Company") (TSXV:WRLG) (OTCQB:WRLGF) is pleased to announce, it has agreed with Raymond James Ltd., to increase the size of its previously announced bought-deal financing. West Red Lake will now issue 36,232,000 units of the Company ("Units") at a price of C$0.69 per Unit for gross proceeds of C$25,000,080 (the "Offering"). Each Unit is comprised of one common share (each a "Common Share") and one common Share purchase warrant (each whole warrant a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of C$0.90 for a period of 36 months following the closing of the Offering.

The Company has also granted to the Underwriters an over-allotment option to purchase an additional 15% of the base Offering, for additional gross proceeds to the Company of up to C$3,750,012, to acquire Units, Common Shares and/or Warrants (or any combination thereof), at the Underwriters' discretion, and shall be exercisable by the Underwriters, in whole or in part, for a period of 30 days from and including the closing date.

In all other respects, the terms of the Offering and use of proceeds there from will remain as previously disclosed in the original press release dated October 24, 2024.

Copies of the Base Prospectus and the Supplement will be available on the Company's SEDAR+ page at www.sedarplus.ca.

The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the ...