CA95556L1013
January 6, 2022- Vancouver, British Columbia – Frank Giustra and his related entities filed an
early warning report pursuant to the early warning requirements of applicable securities laws in
Canada with respect to holdings in West Red Lake Gold Mines Ltd. (formerly DLV Resources
Ltd. ) (the “Issuer” or “West Red Lake”).
Pursuant to a business combination transaction, on December 30, 2022, the Issuer acquired all of
the issued and outstanding common shares of West Red Lake Gold Mines Inc. (“RLG”) in
consideration for the issuance of 0.1215 of a West Red Lake common share for each RLG
common share acquired (the “Transaction”).
As a result of the Transaction, Frank Giustra acquired 7,540,034 common shares (the “Shares”)
of the Issuer. Prior to the Transaction, Mr. Giustra owned or controlled 2,570,000 common
shares of the Issuer, representing 17.29% of the then outstanding Shares of the Issuer. After the
Transaction, Mr. Giustra now owns and/or controls directly or indirectly, 10,110,034 Shares of
the Issuer representing 19.44% of the outstanding common shares.
Mr. Giustra acquired the Shares pursuant to the Transaction for investment purposes. Mr. Giustra
has no present intention to acquire further securities of the Issuer, although the Offeror may in the
future acquire or dispose of securities of the Issuer, through the market, privately or otherwise, as
circumstances or market conditions warrant.
Mr. Giustra has filed a Report on SEDAR pursuant to National Instrument 62-103 (Early
Warning Report). A copy of the Report can be obtained from SEDAR at
www.sedar.com.