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West Red Lake Gold Mines ( (TSE:WRLG) ) has issued an announcement.
West Red Lake Gold Mines Ltd. announced the successful closing of a $41 million bought deal public offering, which includes the issuance of common shares and charity flow-through shares. The proceeds will be used to advance the Madsen Gold Mine towards commercial production and to fund exploration activities at the Rowan Project, supporting a Pre-Feasibility Study. This financing is expected to enhance the company’s operational capabilities and capitalize on current strong gold prices, potentially increasing gold production to over 100,000 ounces annually.
The most recent analyst rating on (TSE:WRLG) stock is a Buy with a C$1.75 price target. To see the full list of analyst forecasts on West Red Lake Gold Mines stock, see the TSE:WRLG Stock Forecast page.
More about West Red Lake Gold Mines
West Red Lake Gold Mines Ltd. is a publicly traded gold development and mining company focused on its flagship Madsen Gold Mine and a 47 km2 land package in the Red Lake district of Ontario, Canada. This region is known for its high-grade gold deposits, having produced over 30 million ounces of gold. The company also owns the Rowan Property, which includes three past-producing gold mines.
Average Trading Volume: 1,183,117
Technical Sentiment Signal: Strong Buy
Current Market Cap: C$361.6M
Learn more about WRLG stock on TipRanks’ Stock Analysis page.