Le Lézard
Classified in: Business
Subjects: EARNINGS, Conference Call, Webcast

Lincoln Financial Group Reports Third Quarter 2023 Results


Lincoln Financial Group (NYSE: LNC) today reported financial results for the third quarter ended September 30, 2023.

"Our earnings this quarter did not meet our expectations and reflect that our progress will not always be linear, but I am confident in our path forward," said Ellen Cooper, Chairman, President and CEO of Lincoln Financial Group. "Our Group business, which produced notably strong performance in the first half of the year, delivered lower than anticipated results this quarter largely driven by higher severity in group life. Across the enterprise, expenses are elevated and are a critical area of focus and opportunity as we look forward. We achieved sequential sales growth in our Retail Solutions businesses and have strong sales pipelines in all four of our businesses heading into the fourth quarter. Additionally, this year's annual assumption review was comprehensive, and I feel confident in our go-forward assumptions. Our risk-based capital position was stable in the quarter as we continue to be focused on executing on our strategy to rebuild capital."

The company reported net income available to common stockholders for the third quarter of 2023 of $819 million, or $4.79 per diluted share, compared to a net loss available to common stockholders in the third quarter of 2022 of $1.8 billion, or $10.47 per diluted share. Third quarter adjusted income from operations available to common stockholders was $39 million, or $0.23 per diluted share, compared to adjusted loss from operations available to common stockholders of $2.0 billion, or $(11.49) per diluted share, in the third quarter of 2022.

 

As of or For the
Three Months Ended
September 30,

As of or For the
Nine Months Ended
September 30,

(in millions, except per share data)

2023

2022 (2)

2023

2022 (2)

Net Income (Loss)

$ 853

$(1,776)

$ 483

$ 545

Net Income (Loss) Available to Common Stockholders

819

(1,777)

410

537

Net Income (Loss) per Diluted Share Available to Common Stockholders(1)

4.79

(10.47)

2.40

3.10

Revenues

4,203

4,672

10,946

14,969

Adjusted Income (Loss) from Operations

73

(1,949)

715

(1,301)

Adjusted Income (Loss) from Operations Available to Common Stockholders

39

(1,950)

642

(1,309)

Adjusted Income (Loss) from Operations per Diluted Share Available to Common Stockholders(1)

0.23

(11.49)

3.77

(7.63)

Average Basic Shares

169.6

169.7

169.5

171.6

Average Diluted Shares

170.9

171.1

170.6

173.4

Net Income (Loss) Return on Equity ("ROE")

75.7%

NM

11.6%

6.2%

Adjusted Income (Loss) from Operations Available to Common Stockholders, Excluding AOCI and Preferred Stock ROE

1.5%

-73.1%

8.6%

-16.2%

Adjusted Income (Loss) from Operations ROE

1.4%

-60.7%

9.3%

-13.3%

Book Value per Share (BVPS), Including AOCI

$ 13.04

$ 16.45

$ 13.04

$ 16.45

Book Value per Share, Excluding AOCI

63.03

57.46

63.03

57.46

Adjusted Book Value per Share

63.53

68.53

63.53

68.53

(1)

In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted EPS calculations, as the use of diluted shares would result in a lower loss per share.

(2)

Prior-year numbers have been adjusted to reflect LDTI accounting.

The current quarter's adjusted income from operations available to common stockholders included net unfavorable notable items of $144 million, $0.84 per share, related to the company's annual review of reserve assumptions. As adjusted for the adoption of long-duration targeted improvements, or LDTI, the prior-year quarter included net unfavorable notable items of $2.1 billion, or $12.47 per share, related to the company's annual review of reserve assumptions.

In addition to the impact of unfavorable notable items, this quarter's adjusted income from operations available to common stockholders included an unfavorable impact of $0.41 per diluted share consisting of:

The prior-year quarter included an unfavorable impact of $0.62 per diluted share from alternative investment income below long-term targeted levels, and no impact from the other items listed.

Third Quarter 2023 ? Segment Results

Annuities
Annuities reported income from operations of $248 million, down 10% compared to the prior-year quarter. The decrease was primarily due to higher expenses. Current quarter income from operations included net unfavorable notable items of $12 million related to the company's annual review of reserve assumptions, while prior-year results included net favorable notable items of $1 million related to the company's annual review of reserve assumptions.

Total annuity sales of $2.7 billion were down 16% from the prior-year quarter; however, sequentially, total annuity sales increased by 6% driven by higher fixed and traditional variable annuity sales. Net outflows were $874 million in the quarter compared to net inflows of $322 million in the prior-year quarter.

Average account balances, net of reinsurance, for the quarter of $151 billion were up 4% from the prior-year quarter. Variable annuities with living benefits represented 44% of total annuity account balances, net of reinsurance, a decrease of 3 percentage points compared to the prior-year quarter. RILA represented 17% of total annuity account balances, net of reinsurance, an increase of 4 percentage points compared to the prior-year quarter.

Life Insurance
Life Insurance reported a loss from operations of $173 million compared to a loss from operations of $2.2 billion in the prior-year quarter. Current quarter income from operations included net unfavorable notable items of $156 million related to the company's annual review of reserve assumptions, while prior-year results included net unfavorable notable items of $2.1 billion related to the company's annual review of reserve assumptions.

Total Life sales of $144 million were down 16% from the prior-year quarter; sequentially, total Life sales were up 17%, driven largely by executive benefits sales.

Group Protection
Group Protection reported income from operations of $68 million in the quarter compared to income from operations of $12 million in the prior-year quarter. The increase was primarily driven by improved disability underwriting results. Current quarter income from operations included net favorable notable items of $24 million related to the company's annual review of reserve assumptions, compared to an unfavorable $12 million in the prior year.

The total loss ratio was 75% in the current quarter compared to 81% in the prior-year quarter with the improvement driven by lower disability incidence.

Insurance premiums of $1.3 billion in the quarter were up 4% compared to the prior-year quarter. Group Protection sales for the quarter were $71 million, down 19% compared to the prior-year quarter, partially offset by 26% growth in supplemental health sales.

Retirement Plan Services
Retirement Plan Services reported income from operations of $43 million, down 9% compared to the prior-year quarter. The decrease was primarily driven by higher expenses, partially offset by higher fee and spread income. The current quarter and prior-year quarter included no notable items related to the company's annual review of reserve assumptions.

Total deposits for the quarter of $2.7 billion were down 13% compared to the prior-year quarter. Net outflows totaled $272 million for the quarter while trailing-twelve-months' net inflows were $515 million.

Average account balances for the quarter of $96 billion were up 9% from the prior-year quarter.

Other Operations
Other Operations reported a loss from operations of $113 million versus a loss of $112 million in the prior-year quarter.

Third Quarter Highlights - Realized Gains, Losses, and Other / Impacts to Net Income
Realized gains/losses and other impacts to net income (after-tax) in the quarter were primarily driven by:

Unrealized Gains and Losses
The company reported a net unrealized loss of $14.2 billion, pre-tax, on its available-for-sale securities as of September 30, 2023. This compares to a net unrealized loss of $13.5 billion, pre-tax, as of September 30, 2022, with the year-over-year decrease primarily driven by higher treasury rates.

Capital and Liquidity
Holding company available liquidity was $455 million as of September 30, 2023, compared to $756 million in the prior-year quarter due to the payment of a $500 million debt maturity.

As of September 30, 2023, the estimated RBC ratio was in the 375-385% range.

Versus the prior-year period, as of September 30, 2023, book value per share, including AOCI, decreased 21% to $13.04, book value per share, excluding AOCI, increased 10% to $63.03, and adjusted book value per share decreased 7% to $63.53.

There was no negative impact to statutory capital related to the annual review of reserve assumptions.

The tables attached to this release define and reconcile the non-GAAP measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE, adjusted income from operations ROE, book value per share, excluding AOCI, and adjusted book value per share to net income (loss), net income (loss) available to common stockholders, net income (loss) ROE and book value per share, including AOCI, calculated in accordance with GAAP.

This press release contains statements that are forward-looking, and actual results may differ materially. Please see the Forward-looking Statements ? Cautionary Language at the end of this release for factors that may cause actual results to differ materially from the company's current expectations.

For other financial information, please refer to the company's third quarter 2023 statistical supplement available on its website http://www.lincolnfinancial.com/investor.

Conference Call Information
Lincoln Financial Group will discuss the company's third quarter results with investors in a conference call beginning at 10:00 a.m. Eastern Time on Thursday, November 2, 2023.

The conference call will be broadcast live through the company website at www.lincolnfinancial.com/webcast. Please log on to the webcast at least 15 minutes prior to the start of the conference call to download and install any necessary streaming media software. A replay of the call will be available by 1:00 p.m. Eastern Time on November 2, 2023 at www.lincolnfinancial.com/webcast.

About Lincoln Financial Group
Lincoln Financial Group helps people to plan, protect and retire with confidence. As of Dec. 31, 2022, approximately 16 million customers trust our guidance and solutions across four core businesses ? annuities, life insurance, group protection and retirement plan services. As of September 30, 2023, the company had $290 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, Pa., Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.

Explanatory Notes on Use of Non-GAAP Measures
Management believes that adjusted income (loss) from operations (or adjusted operating income), adjusted income (loss) from operations available to common stockholders, adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE, adjusted income (loss) from operations ROE, adjusted operating revenues, and adjusted income (loss) from operations per diluted share available to common stockholders better explain the results of the company's ongoing businesses in a manner that allows for a better understanding of the underlying trends in the company's current business as the excluded items are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management also believes that using book value, excluding accumulated other comprehensive income ("AOCI"), and adjusted book value per share enables investors to analyze the amount of our net worth that is primarily attributable to our business operations. Book value per share, excluding AOCI is useful to investors because it eliminates the effect of items that are unpredictable and can fluctuate significantly from period to period, primarily based on changes in interest rates. Adjusted book value per share is useful to investors because it eliminates the effect of items that are unpredictable and can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates.

For the historical periods, reconciliations of non-GAAP measures used in this press release to the most directly comparable GAAP measure may be included in this Appendix to the press release and/or are included in the Statistical Reports for the corresponding periods contained in the Earnings section of the Investor Relations page on our website: www.lfg.com/investor.

Definitions of Non-GAAP Measures Used in this Press Release

Adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, adjusted operating revenues, adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE and adjusted income (loss) from operations ROE (in each case including and excluding the effect of average goodwill), book value per share, excluding AOCI, and adjusted book value per share are financial measures we use to evaluate and assess our results. Adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, adjusted operating revenues, adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE, adjusted income (loss) from operations ROE, book value per share, excluding AOCI, and adjusted book value per share, as used in the press release, are non-GAAP financial measures and do not replace GAAP net income (loss), net income (loss) available to common stockholders, revenues, net income (loss) ROE and book value per share, including AOCI, the most directly comparable GAAP measures.

Adjusted Income (Loss) from Operations

Adjusted income (loss) from operations is GAAP net income (loss) excluding the after-tax effects of the following items, as applicable:

Adjusted Income (Loss) from Operations Available to Common Stockholders

Adjusted income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends and the adjustment for deferred units of LNC stock in our deferred compensation plans.

Adjusted Operating Revenues

Adjusted operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable:

Adjusted Income (Loss) From Operations Available to Common Stockholders, Excluding AOCI and Preferred Stock ROE

Adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE measures how efficiently we generate profits from the resources provided by our net assets.

Adjusted Income (Loss) from Operations ROE

Adjusted income (loss) from operations ROE is calculated based upon a non-GAAP financial measure.

Book Value Per Share, Excluding AOCI

Book value per share, excluding AOCI, is calculated based upon a non-GAAP financial measure.

Adjusted Book Value Per Share

Adjusted book value per share is calculated based upon a non-GAAP financial measure.

Other Definitions

Notable Items

Notable items are items which, in management's view, do not reflect the company's normal, ongoing operations.

Holding Company Available Liquidity

Holding company available liquidity consists of cash and invested cash, excluding cash held as collateral, and certain short-term investments that can be readily converted into cash, net of commercial paper outstanding.

Special Note

Sales

Sales as reported consist of the following:

Lincoln National Corporation

Reconciliation of Net Income to Adjusted Income from Operations

 

(in millions, except per share data)

 

For the
Three Months Ended

September 30,

 

For the
Nine Months Ended

September 30,

 

 

2023

 

2022

 

2023

 

2022

Net Income (Loss) Available to Common Stockholders ? Diluted  

$

819

 

 

 

(1,777

)

 

$

410

 

 

$

537

 

Less:

 

 

 

 

 

 

 

 

Preferred stock dividends declared

 

 

(34

)

 

 

-

 

 

 

(71

)

 

 

-

 

Adjustment for deferred units of LNC stock in our deferred compensation plans (1)  

 

-

 

 

 

(1

)

 

 

(2

)

 

 

(8

)

Net Income (Loss)

 

 

853

 

 

 

(1,776

)

 

 

483

 

 

 

545

 

Less:

 

 

 

 

 

 

 

 

Net annuity product features, after-tax

 

 

1,045

 

 

 

893

 

 

 

850

 

 

 

2,591

 

Net life insurance product features, after-tax

 

 

85

 

 

 

20

 

 

 

(133

)

 

 

16

 

Credit loss-related adjustments, after-tax

 

 

(21

)

 

 

(104

)

 

 

(41

)

 

 

(96

)

Investment gains (losses), after-tax (2)

 

 

(306

)

 

 

10

 

 

 

(880

)

 

 

5

 

Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans, after-tax

 

 

(23

)

 

 

(12

)

 

 

(21

)

 

 

(36

)

Impairment of intangibles

 

 

-

 

 

 

(634

)

 

 

-

 

 

 

(634

)

Transaction and integration costs related to mergers, acquisitions and divestitures, after-tax (3)

 

 

-

 

 

 

-

 

 

 

(7

)

 

 

-

 

Total adjustments

 

 

780

 

 

 

173

 

 

 

(232

)

 

 

1,846

 

Adjusted Income (Loss) from Operations

 

$

73

 

 

$

(1,949

)

 

$

715

 

 

$

(1,301

)

 

 

 

 

 

 

 

 

 

Earnings (Loss) Per Common Share ? Diluted (4)

 

 

 

 

 

 

 

 

Net income (loss)

 

$

4.79

 

 

$

(10.47

)

 

$

2.40

 

 

$

3.10

 

Adjusted income (loss) from operations

 

 

0.23

 

 

 

(11.49

)

 

 

3.77

 

 

 

(7.63

)

Stockholders' Equity, Average

 

 

 

 

 

 

 

 

Stockholders' equity

 

$

4,509

 

 

$

6,057

 

 

$

5,567

 

 

$

11,645

 

Less:

 

 

 

 

 

 

 

 

Preferred stock

 

 

986

 

 

 

-

 

 

 

986

 

 

 

-

 

AOCI

 

 

(6,792

)

 

 

(4,610

)

 

 

(5,425

)

 

 

852

 

Stockholders' equity, excluding AOCI and preferred stock

 

 

10,315

 

 

 

10,667

 

 

 

10,006

 

 

 

10,793

 

MRB-related impacts

 

 

986

 

 

 

(2,177

)

 

 

(95

)

 

 

(2,359

)

GLB and GDB hedge instruments gains (losses) (5)

 

 

(1,519

)

 

 

N/A

 

 

 

(921

)

 

 

N/A

 

Adjusted average stockholders' equity

 

$

10,848

 

 

$

12,844

 

 

$

11,022

 

 

$

13,152

 

 

 

 

 

 

 

 

 

 

Return on Equity

 

 

 

 

 

 

 

 

Net income (loss) ROE

 

 

75.7

%

 

 

NM

 

 

 

11.6

%

 

 

6.2

%

Adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE  

 

1.5

%

 

 

-73.1

%

 

 

8.6

%

 

 

-16.2

%

Adjusted income (loss) from operations ROE  

 

1.4

%

 

 

-60.7

%

 

 

9.3

%

 

 

-13.3

%

(1)

 

We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.

(2)

 

Includes a $369 million and $862 million after-tax impairment of fixed maturity AFS securities in an unrealized loss position for the three and nine months ended September 30, 2023, respectively, resulting from the Company's intent to sell these securities as part of the previously announced Fortitude Re reinsurance transaction. Within the investment portfolio anticipated to be sold in the transaction, there are additional fixed maturity AFS securities in an unrealized gain position of approximately $164 million after-tax as of September 30, 2023. Pursuant to the applicable accounting guidance, the Company impaired the securities in a loss position down to fair market value upon entry into the agreement in the second quarter and recognized additional impairment of certain of these securities during the third quarter due to higher interest rates. The Company will recognize a gain for any securities in an unrealized gain position at the time when the transaction closes.

(3)

 

Includes costs pertaining to the Fortitude Re reinsurance transaction.

(4)

 

In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted EPS calculations, as the use of diluted shares would result in a lower loss per share.

(5)

 

For periods beginning on or after January 1, 2023, gains (losses) on our GLB and GDB hedge instruments are excluded from adjusted stockholders' equity to align to the updated hedge program.

Lincoln National Corporation

Reconciliation of Book Value per Share

 

 

 

As of September 30,

 

 

2023

 

2022

Book Value Per Common Share

 

 

 

 

 

 

Book Value Per Share

 

$

13.04

 

 

$

16.45

 

Less:

 

 

 

 

 

 

AOCI

 

 

(49.99

)

 

 

(41.01

)

Book value per share, excluding AOCI

 

 

63.03

 

 

 

57.46

 

Less:

 

 

 

 

 

 

MRB-related gains (losses)

 

 

9.11

 

 

 

(11.07

)

GLB and GDB hedge instruments gains (losses) (1)

 

 

(9.61

)

 

 

N/A

 

Adjusted book value per share

 

$

63.53

 

 

$

68.53

 

(1)

 

For periods beginning on or after January 1, 2023, gains (losses) on our GLB and GDB hedge instruments are excluded from adjusted stockholders' equity to align to the updated hedge program.

Lincoln National Corporation

Digest of Earnings

   

(in millions, except per share data)

 

 

 

 

For the
Three Months Ended
September 30,

 

 

 

 

2023

 

2022

 

 

 

 

 

 

 

Revenues

 

$

4,203

 

 

$

4,672

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

853

 

 

$

(1,776

)

Preferred stock dividends declared

 

 

(34

)

 

 

-

 

Adjustment for deferred units of LNC stock in our deferred compensation plans (1)

 

-

(1

)

Net Income (Loss) Available to Common Stockholders ? Diluted

 

$

819

$

(1,777

)

 

 

 

 

 

 

 

Earnings (Loss) Per Common Share ? Basic

 

$

4.82

 

 

$

(10.46

)

Earnings (Loss) Per Common Share ? Diluted (2)

 

 

4.79

 

 

 

(10.47

)

 

 

 

 

 

 

 

Average Shares ? Basic

 

 

169,645,881

 

 

 

169,706,526

 

Average Shares ? Diluted

 

 

170,890,502

 

 

 

171,095,360

 

 

 

 

 

 

 

 

 

 

For the
Nine Months Ended
September 30,

 

 

 

 

2023

 

2022

 

 

 

 

 

 

 

Revenues

 

$

10,946

 

 

$

14,969

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

483

 

 

$

545

 

Preferred stock dividends declared

 

 

(71

)

 

 

-

 

Adjustment for deferred units of LNC stock in our deferred compensation plans (1)

 

(2

)

(8

)

Net Income (Loss) Available to Common Stockholders ? Diluted

 

$

410

$

537

 

 

 

 

 

 

 

Earnings (Loss) Per Common Share ? Basic

 

$

2.43

 

 

$

3.18

 

Earnings (Loss) Per Common Share ? Diluted (2)

 

 

2.40

 

 

 

3.10

 

 

 

 

 

 

 

 

Average Shares ? Basic

 

 

169,529,509

 

 

 

171,647,108

 

Average Shares ? Diluted

 

 

170,625,444

 

 

 

173,396,079

 

(1)

 

We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.

(2)

 

In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted EPS calculations, as the use of diluted shares would result in a lower loss per share.

FORWARD-LOOKING STATEMENTS ? CAUTIONARY LANGUAGE

Certain statements made in this press release and in other written or oral statements made by Lincoln or on Lincoln's behalf are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: "anticipate," "believe," "estimate," "expect," "project," "shall," "will" and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in Lincoln's businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA.

Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including:

The risks and uncertainties included here are not exhaustive. Our most recent Form 10-K, as well as other reports that we file with the SEC, include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.

Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, Lincoln disclaims any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this press release.

The reporting of Risk-Based Capital ("RBC") measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.


These press releases may also interest you

at 10:12
WHO: Tikola McCree, President of the Charlotte Crown Chapter of NAREBDr. Courtney Johnson Rose, NAREB National President Patty Ledbetter, VP Wells Fargo Senior Business...

at 10:10
3M today announced the following investor event: J.P. Morgan's 2024 Industrials Conference on Wednesday, March 13, 2024. Mike Roman, Chairman and Chief Executive Officer, and Monish Patolawala, President and Chief Financial Officer, will speak at...

at 10:10
The Boards of Directors of Royce Global Value Trust, Inc. ("RGT") and Royce Value Trust, Inc. ("RVT") have approved changes to the name of RGT and to the name and non-fundamental investment policies of RVT. Such changes will become effective as of...

at 10:07
The following issues have been halted by CIRO: Company: Cryptoblox Technologies Inc. CSE Symbol: BLOX All Issues: Yes Reason: Pending Company Contact Halt Time (ET): 9:49 AM CIRO can make a decision to impose a temporary suspension (halt) of trading...

at 10:07
Westwood Professional Services, Inc. (Westwood), a nationally renowned design and consulting firm, announced today its acquisition of Northern California-based O'Dell Engineering (O'Dell)....

at 10:05
West Red Lake Gold Mines Ltd. ("West Red Lake Gold" or "WRLG" or the "Company") , is pleased to announce that, due to strong demand, it has agreed with Raymond James Ltd. as lead agent, on behalf of a syndicate of agents (collectively, the...



News published on and distributed by: