On March 20, 2024, West Red Lake Gold Mines Ltd. amended the terms of the transaction. The company issued 22,340 units at an issue price of $1,000 per unit for the gross proceeds of $22,340,000 under first tranche. Each Unit contains gold-linked notes in the aggregate principal amount of $1,000 and 710 common share purchase warrants.

Each whole Warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.7027511 per share until March 19, 2029. The company may issue Up to an additional 4,826 Units for gross process of up to $4,826,000, having the same terms as the Units issued under the Offering, are expected to be issued, subject to the approval of the TSX Venture Exchange, to insiders under the terms of the indenture, following which a news release will be issued. The Notes represent senior unsecured obligations of the Company.

The Notes bear a 12% per annum coupon, calculated and payable quarterly in arrears, and will mature on December 31, 2029. The Offering was completed pursuant to an agency agreement entered into between the Company and a syndicate of agents led by Raymond James Ltd. As consideration for services provided by the Agents in connection with the Offering, the Company agreed to pay a cash commission of up to 6% of the aggregate gross proceeds raised from the sale of units governed by the indenture. All securities issued in connection with the private placement will be subject to a four-month and one day statutory hold period in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

Certain insiders of the Company acquired Units pursuant to the Offering