West Red Lake Gold-Linked Notes & Warrants Now on TSXV

West Red Lake Gold Mines Ltd. (TSXV: WRLG) (OTCQB: WRLGF) announced that it has received conditional approval from the TSX Venture Exchange (the “TSXV”) to list the unsecured gold-linked notes (the “Notes”) and common share purchase warrants (the “Warrants”) that were previously issued by the Company in a private placement of units disclosed in news releases of March 20, 2024 and April 4, 2024.

An aggregate of 27,165,631 Notes, in an aggregate principal amount of US$27,165,631, and 19,287,598 Warrants were issued.

How the Gold-Linked Notes Work

The Notes represent unsecured obligations of the Company that bear interest at 12% per annum and mature on December 31, 2029.

• Commencing January 1, 2026, the Company will cause gold to be placed in escrow on a quarterly basis into a gold trust account.
• The Company will reduce the aggregate principal amount of the Notes on a quarterly basis, commencing on March 31, 2026, in accordance with the payment schedule set forth in a trust indenture dated March 19, 2024 (the “Note Indenture”), between the Company and TSX Trust Company, as trustee.
• The Notes will amortize based on a guaranteed floor price of US$1,800 per ounce of gold (the “Floor Price”). Any proceeds received from the sale of escrowed gold in excess of the Floor Price will be paid to holders as a premium.

The Company anticipates that the Notes and Warrants will commence trading on the TSXV on or about September 9, 2024, under the symbols WRLG.NT and WRLG.WT.A, respectively. The ISIN and CUSIP numbers of the Notes are CA95556LAA94 and 95556LAA9, respectively. The ISIN and CUSIP numbers of the Warrants are CA95556L1351 and 95556L135, respectively.

The Notes are governed by the terms of the Note Indenture and the Warrants are governed by the terms of a warrant indenture dated March 19, 2024 (the “Warrant Indenture”), between the Company and Odyssey Trust Company, as warrant agent. Copies of the Note Indenture and Warrant Indenture are available under the Company’s profile on www.sedarplus.ca.

The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

West Red Lake Gold is a market awareness client of Capital 10X. For more information, including potential conflicts of interest please see our Content Disclaimer.