11:22 AM EDT, 10/18/2024 (MT Newswires) -- West Red Lake Gold Mines ( WRLGF ) (WRLG.V was last seen down 6.8% after it upsized a bought-deal financing by $5 million, to $25 million.

West Red Lake will now issue 36.23-million units priced at $0.69 each. Each unit is made up of a share and a three-year warrant to buy an additional share at $0.90.

The underwriters have also been granted a 15% over-allotment option, which, if fully-exercised will yield additional gross proceeds of up to $3.75 million.

Proceeds will be used to advance the restart plan for the Madsen Gold Mine in Ontario.

West Red Lake shares were last seen down $0.05 to $0.69 on the TSX Venture Exchange.

Price: 0.69, Change: -0.05, Percent Change: -6.76