Red Lake Gold plans private placement of up to C$375,000

VANCOUVER - Red Lake Gold Inc., a Canadian mineral exploration company, has announced its intention to conduct a private placement of up to 5 million of its common shares. The shares will be sold at a price of C$0.075 per share, potentially generating up to C$375,000 in gross proceeds. This offering may be completed in multiple tranches and is contingent on obtaining regulatory approvals from the Canadian Securities Exchange.

The primary purpose of the funds raised will be to support the company's working capital, fulfill its corporate obligations, and fund exploration activities at its mining properties. Red Lake Gold stated that insiders may participate in the offering, potentially holding up to 25% of the total shares issued. However, the company clarified that no new insiders or control persons are anticipated to emerge from this transaction.

Insider participation will be considered a related party transaction under Multilateral Instrument 61-101.

Red Lake Gold expects to benefit from certain exemptions, as the fair market value of shares allocated to insiders will remain within the permitted 25% threshold of the company's market capitalization. Finder's fees may be paid to facilitate the offering, subject to applicable securities laws and CSE policies. All shares issued through the private placement will be subject to a four-month and one-day statutory hold period starting from the closing date.

Red Lake Gold actively pursues mining claims across various locations within Ontario, Canada, with a primary focus on advancing its mineral exploration efforts.