West Red Lake Gold Mines (RLG-V) Jan 3rd, '14 has completed a non-brokered private placement of flow-through units for aggregated gross proceeds of $325,000.
The company issued 6.5 million flow-through units at a price of five cents per flow-through unit. Each flow-through unit consists of one common share in the capital of the company, issued on a flow-through basis pursuant to the Income Tax Act (Canada), and one-half of a common share purchase warrant. Each warrant issued in connection with the offering entitles its holder to purchase one common share in the capital of the company at an exercise price of 10 cents for a period of 24 months from the date of issuance.
Gross proceeds from the offering of the flow-through units will be used by the company for exploration expenditures on its 3,100-hectare property package containing three former-producing gold mines located within the company's West Red Lake project in the prolific Red Lake gold district of Northwestern Ontario.
In connection with the offering, West Red Lake Gold paid finders' fees consisting of $12,800 in cash and 256,000 common shares in the capital of the company to qualified registrants. As a result of the offering, Accilent Capital Management Inc., an investment advisory services firm and principal shareholder of the company through its involvement as a finder and subscriptions of flow-through units through its affiliate, Pavilion Flow Through LP, has increased its direct and indirect holding of the voting securities of the company from 23.42 per cent to 28.85 per cent on a fully diluted basis.
West Red Lake Gold is also pleased to announce the appointment of Daniel Pembleton to the board of directors of the company effective Dec. 31, 2013. Mr. Pembleton is the president and chief investment officer of Accilent Capital Management, which he founded in 2002, has a bachelor of arts (honours) in economics and business from Brock University, an MBA from the University of Western Ontario's Ivey School of Business, and obtained a chartered financial analyst designation in 1998 from the CFA Institute. |
