West Red Lake Gold Announces New Notes and Warrants Trading
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Exciting Developments at West Red Lake Gold Mines Ltd.
Recently, West Red Lake Gold Mines Ltd. (TSXV: WRLG) announced a pivotal moment for the company as it prepares to list its gold-linked notes and common share purchase warrants on the TSX Venture Exchange (TSXV). This marks an important milestone in the company's ongoing efforts to enhance its financial strategies and expand its market presence.
Overview of Recent Approval
The TSXV has granted conditional approval for West Red Lake Gold's securities, which were part of a private placement of units made earlier this year. A total of 27,165,631 unsecured gold-linked notes were issued, with an equivalent principal amount of US$27,165,631, alongside 19,287,598 common share purchase warrants. This move showcases the company's commitment to utilizing innovative financing methods to support its operations.
The Terms of the Notes and Warrants
The gold-linked notes will accrue interest at an attractive rate of 12% annually, maturing at the end of 2029. Significantly, starting January 1, 2026, the company plans to regularly deposit gold into a trust account, thereby gradually amortizing the principal amount of the notes based on a minimum price guarantee of US$1,800 per ounce of gold. Any excess revenue generated from gold sales will directly benefit the note holders as a premium, which adds an appealing incentive for potential investors.
Trading Symbols and Identify Information
West Red Lake Gold anticipates that the trading of these notes and warrants will launch on or around September 9, 2024, under the designated symbols WRLG.NT for notes and WRLG.WT.A for warrants. The identification numbers for these securities are also established, including the ISIN and CUSIP numbers which ensure proper tracking in financial markets.
About West Red Lake Gold
West Red Lake Gold Mines Ltd. stands at the forefront of mineral exploration, primarily focused on its flagship asset, the Madsen Gold Mine. This mine is complemented by an impressive portfolio of 47 km2 of highly promising land in the renowned Red Lake district. Over the years, this area has produced more than 30 million ounces of gold, obtaining recognition as one of the richest gold mining regions.
Rowan Property and Expansion Plans
Moreover, West Red Lake Gold houses the wholly-owned Rowan Property, an expansive 31 km2 area that includes three previous gold production sites: Rowan, Mount Jamie, and Red Summit. This underlines the company's potential for further discoveries and development of its mineral resources.
Investor Contact Information
For inquiries or further information, interested parties can contact Gwen Preston, Vice President of Investor Relations at 604-609-6132 or via email at investors@wrlgold.com.
Frequently Asked Questions
What are the gold-linked notes?
The gold-linked notes are unsecured obligations that provide investors with a 12% annual interest rate and are tied to the performance of gold.
When will the notes and warrants start trading?
The company expects the trading to commence on or about September 9, 2024, on the TSXV.
What is the minimum price guarantee for the notes?
The notes are amortized based on a guaranteed floor price of US$1,800 per ounce of gold.
Who can I contact for more information?
Investors can reach out to Gwen Preston, Vice President of Investor Relations, at 604-609-6132.
Where can I find more details about West Red Lake Gold?
Additional information is available through the company's continuous disclosure filings accessible on SEDAR+.
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