last posts

WEST RED LAKE GOLD MINES LTD. COMPLETES BUSINESS COMBINATION |

techsm5

VANCOUVER, BC, December 30, 2022 /CNW/ – West Red Lake Gold Mines Ltd. (“West Red Lake“) (TSXV: DLV.H) and West Red Lake Gold Mines Inc. (“RLG”) (CSE: RLG) are pleased to announce that they have completed their business combination under which West Red Lake acquired all of the issued and outstanding common shares of RLG in consideration for the issuance of 0.1215 of a West Red Lake common share for each common share of RLG acquired (the “Transaction“).

Pursuant to the Transaction, RLG shareholders will receive 0.1215 (the “Exchange report“) of a West Red Lake common share for each common share of RLG held, i.e. a total of 35,451,916 West Red Lake common shares issued to RLG shareholders. Holders of convertible securities of RLG will receive convertible securities of West Red Lake as adjusted by the exchange ratio, resulting in the issuance of replacement options to acquire 978,075 West Red Lake replacement common shares and warrants to acquire 538,603 West Red Lake ordinary actions. In addition, 1,700,000 common shares of West Red Lake were issued to certain persons as finder’s shares in connection with the transaction.

In connection with the closing of the Transaction, the current directors of West Red Lake resigned and the Board of Directors was reconstituted to consist of Tom Meredith, John Heslop, Ryan Weymark, Susan Neale and Rob van Egmond. Mr. Meredith was named CEO, and Jasvir Kaloti will continue as Chief Financial Officer and Corporate Secretary.

Following the operation, West Red Lake will continue the activities of RLG, namely the exploration and development of the West Red Lake project located in the gold district of Red Lake in Northwestern Ontario, Canada. Please refer to West Red Lake press release from August 16, 2022for more information on the property.

As part of the Transaction, West Red Lake changed its name from “DLV Resources Ltd.” to “West Red Lake Gold Mines Ltd.” “. It’s expected that West Red Lake will move to Level 2 of the TSX Venture Exchange as a mining issuer, and trading of its common shares will resume under the symbol “WRLG” effective Thursday January 5e2023. The common shares of RLG are scheduled to be delisted from the Canadian Securities Exchange on January 5e2023. All ordinary shares issued in connection with the Transaction are exempt from any holding period.

In addition, West Red Lake granted a total of 3,775,000 stock options to directors, officers, consultants and employees of West Red Lake and certain charities. The options are exercisable at the price of $0.50 per share for a period of 10 years from the date of allocation.

ON BEHALF OF WEST RED LAKE GOLD MINES LTD.

ON BEHALF OF WEST RED LAKE GOLD MINES INC.

“Tom Meredith”

“John Kontak”

Tom Meredith

John Kontak

Chief executive officer

President

For more information, please contact:

For more information, please contact:

Jasvir Kaloti

John Kontak

Chief Financial Officer & General Secretary

President

Tel: (604) 609-6110

Tel: (416) 203-9181

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The Canadian Securities Exchange has neither approved nor disapproved of the contents of this press release.

Certain statements contained in this press release constitute “forward-looking statements”. When used in this document, the words “anticipated”, “expected”, “estimated”, “forecast”, “expected” and similar expressions are intended to identify forward-looking statements or information. These statements are based on management’s current expectations, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements contained in this press release. Readers are cautioned not to place undue reliance on these statements. West Red Lake does not undertake any obligation to revise or update forward-looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.

SOURCE West Red Lake Gold Mines Ltd.

.

techsm5

Comments



Font Size
+
16
-
lines height
+
2
-