Red Lake Gold closes second tranche, raising $278,249 in total

Red Lake Gold Inc. (CSE: RGLD) has closed the second tranche of its non-brokered private placement, issuing 100,000 common shares at $0.075 per share for gross proceeds of $7,500, according to a press release from the Vancouver-based company.

The corporation paid $525 in cash finder's fees in connection with the second tranche. Across both tranches of the offering, Red Lake Gold has raised aggregate gross proceeds of $278,249.85. Following completion of the second tranche, the corporation has 8,763,915 common shares issued and outstanding.

The company said it intends to use net proceeds for general working capital, satisfaction of ongoing corporate obligations, and exploration work at its mineral properties in Ontario, Canada.

All common shares issued under the offering are subject to a statutory hold period of four months and one day, expiring on February 14, 2027.

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