# Red Lake Gold Closes $278K Private Placement for Working Capital

- URL: https://stocks.freetheai.org/news/red-lake-gold-closes-278k-private-placement-for-working-capital-38e6fb
- Published: 2026-10-16T11:00:00Z
- Category: company_news; sentiment: neutral; impact: low
- Symbols: [CSE:RGLD](https://stocks.freetheai.org/symbols/CSE-RGLD)
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Red Lake Gold Inc. (CSE:RGLD) has finalized the second tranche of its non-brokered private placement, issuing 100,000 shares at $0.075 per share to raise $7,500. Combined with the initial tranche, the company raised total gross proceeds of $278,249.85, bringing its total shares outstanding to 8,763,915.

The newly raised capital will extend the company's operating runway to meet immediate working capital needs and support early-stage exploration projects. Finder's fees for the second tranche totaled $525. Securities issued under the placement carry a statutory hold period of four months and one day, which expires on February 14, 2027.

Moving forward, investors will watch for future exploration results and potential project milestones to evaluate long-term momentum. Further operational updates or additional financing could serve as key catalysts for market performance.

## Key points

- Red Lake Gold Inc. completed its private placement, securing $278,249.85 in total gross proceeds.
- The second tranche added $7,500 through the issuance of 100,000 shares at $0.075 per share.
- Total shares outstanding increased to 8,763,915 following the completion of the financing.
- Proceeds are allocated toward general working capital and early-stage exploration expenses.

## Questions and answers

### How much did Red Lake Gold raise in total?

Red Lake Gold Inc. raised $278,249.85 in total gross proceeds across two tranches of its non-brokered private placement.

### What will the funds from the private placement be used for?

The company plans to use the capital to support general working capital obligations and early-stage exploration activities.

### When does the statutory hold period expire for the new shares?

Securities issued in the private placement carry a statutory hold period of four months plus one day, expiring on February 14, 2027.