07:29 AM EST, 01/02/2025 (MT Newswires) -- West Red Lake Gold Mines ( WRLGF ) on Thursday said it has closed a US$35 million loan agreement with Nebari Natural Resources Credit Fund and has drawn down US$15 million.

Funds will be used to restart this year the Madsen mine in Red Lake, Ontario.

The credit facility, which was first announced on Oct. 17, matures in 42 months. West Red Lake issued 5.9 million warrants with an exercise price of $0.73 per share In connection with the drawdown.

"Closing this transaction with Nebari is a major de-risking step and gives West Red Lake access to up to USD$35M of non-dilutive capital, at highly favorable repayment terms which offers us solid operational flexibility going forward and allows the company to sustain the momentum as we push to restart the Madsen project," said CEO Shane Williams.