On January 12, 2024, Red Lake Gold Inc. closed the transaction. The company issued 1,000,000 units at an issue price of CAD 0.05 per unit for gross proceeds of up to CAD 50,000. Each unit will consist of one common share and one common share purchase warrant that entitles the holder of a warrant, to acquire one additional common share at an exercise price of CAD 0.06 per warrant share on any date prior to the date which is 36 months following the closing date of the common share unit financing or tranche thereunder.

The common share unit financing is subject to all applicable regulatory approvals and the customary four-month hold period pursuant to applicable securities laws of Canada. The transaction included participation from one insider purchased 1,000,000 units at an issue price of CAD 0.05 per unit for the gross proceeds of CAD 50,000. No finder's fees were paid in connection with the offering.

Following the completion, the company now has 36,379,169 common shares issued and outstanding.