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West Red Lake Gold Mines has entered into a binding agreement with PureGold Mining and Sprott Resource Lending to acquire the Madsen Gold mine in the Red Lake district of Ontario, Canada for US$6.5 million, 28.5 million shares, a 1% net smelter returns royalty (NSR) and up to US$10 million in deferred payments.
The Madsen headframe in Ontario, Canada
Sprott is to obtain the shares and NSR as the senior secured lender to Pure Gold. As of the end of October 2022, Pure Gold had secured debts of C$133 million to Sprott and unsecured debts of C$16.
GoldON soars on Great Bear option
GoldON to start drilling at Madsen West
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