West Red Lake Gold Mines Ltd. announces private placement of 20,000 units at an issue price of $1,000 per unit for gross proceeds of $20,000,000 on February 27, 2024. Each Unit will consists of 12% Senior Unsecured gold-linked notes due December 31, 2029 in the aggregate principal amount of $1,000 and 710 common share purchase warrants. Each whole Warrant will entitle the holder to purchase one common share of the Company at an exercise price of $ 0.7027511 per share for a period of 60 months following the closing of the Offering.

The notes bear a coupon rate 12% and payable quarterly in arrears. The notes will mature on December 31, 2029. the transaction will include participation from Frank Giustra for 3,700 Units.

The Agents will have the option to sell up to an additional 15% of the Units offered, exercisable, in whole or in part, at any time up to 48 hours prior to the Closing Date (as defined below) to cover over-allotments, if any. All securities issued in connection with the Offering will be subject to a four-month and one day hold period from the Closing Date. The transaction is expected to close on March 19, 2024, subject to customary closing conditions, including the approval of the TSX Venture Exchange.

The Units may be offered in Canada, to ?accredited investors? in each of the provinces and territories of Canada; in the United States, to qualified institutional buyers and accredited investors, as defined in Rule 144A(a)(1) and Rule 501(a) of Regulation D, respectively, under the United States Securities Act of 1933, as amended (the ?U.S. Securities Act.