West Red Lake Gold Mines Ltd. announced a best effort basis private placement of 19,235,000 units at a price of CAD 0.52 per unit for the gross proceeds of CAD 10,002,200 on November 6, 2023. Each Unit will consist of one common share of the company and one common share purchase warrant of the company. Each warrant will entitle the holder to acquire one common share of the Company for 36 months from the closing of the offering at a price of CAD 0.68.

The agents will have an option to increase the size of the offering by up to CAD 1,508,000 through the sale of an additional 2,900,000 units at the offering price, which agents? option is exercisable, in whole or in part, at any time up to 48 hours prior to the closing date. The transaction is expected to close on or about November 28, 2023.

The offering is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the approval of the TSX Venture Exchange. The securities sold under the offering will have a hold period in Canada of four months and one day from the closing date in accordance with applicable securities laws.