On April 4, 2024, West Red Lake Gold Mines Ltd. closed the transaction. The company issued 1,924 units at an issue price of $1,000 per unit for the gross proceeds of $1,924,000 under second and final 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 Notes bear a 12% per annum coupon, calculated and payable quarterly in arrears, and will mature on December 31, 2029. The company has paid cash fees of $57,720 in respect of the Units issued under the Second Tranche.