By noon ET Friday, shares of West Red Lake had dropped 5.4% to C$0.70 apiece, for a market capitalization of C$190.3 million ($137.9 million).
With this funding, along with existing cash on hand, West Red Lake said it is well positioned to complete its pre-feasibility study for the Madsen mine, as well as other tests and capital programs underway at the site.
“This finance package provides the capital anticipated to restart the Madsen mine, according to our detailed internal mine plan,” commented CEO Shane Williams in a news release, adding that the company will “work closely with its partners” to develop a finance package that addresses the balance of the capital required for Madsen.
The Madsen mine was briefly restarted by then owner Pure Gold in 2021 but was shut down a year later due to high costs and inconsistent production. Before that, the historic mine produced 2.5 million oz. of gold at an average grade of 9.7…
