Granada Gold Mine (GGM-V) Jan 25, '18 further to its news release dated Jan. 22, 2018, is increasing its private placement to raise gross proceeds of $1.8-million by issuing 7.2 million units at 25 cents per unit.
Each unit comprises one common share of the company and one share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional common share of the company at an exercise price of 35 cents per share, for a period of two years from closing, subject to TSX Venture Exchange approval.
Finders' fees may be paid in connection with the private placement, and all finders' fees payable are subject to exchange approval.
The proceeds of the private placement will be used for surface exploration, trenching and historical resampling of drill core on the company's Granada gold property in Quebec and for general working capital purposes.
All securities issued in connection with the private placement are subject to a four-month-and-a-day hold period in accordance with applicable securities laws.,
About Granada Gold Mine Inc.
Granada Gold Mine is developing the Granada gold property near Rouyn Noranda, Que. The property includes the former Granada gold mine which produced more than 50,000 ounces of gold in the 1930s before a fire destroyed the surface buildings. The highly prolific Cadillac trend, which has been the source of more than 50 million ounces of gold produced in the past century, on a line running from Val d'Or to Rouyn Noranda, cuts through the north part of the property.
An updated Mineral Resource Estimate and revised Block Model dated June 30, 2017, with effective date of May 16, 2017, includes the first material estimate of high-grade gold resources discovered in zones at depth immediately north of the LONG Bars Zone open-pit deposit.
An initial Inferred underground resource of 10,386,500 tonnes grading 4.56 g/t Au at a cut-off grade of 1.5 g/t (1.5 million oz. Au) has been outlined along 600 meters of strike, north of the original near-surface discovery at Granada. Open-pit-constrained resources have 625,000 ounces Measured at 1.14 g/t Au and 182,700 ounces Indicated at 1.26 g/t Au with a cut-off grade of 0.39 g/t Au (807,700 ounces M&I at 1.16 g/t Au) representing a major increase in Block Model estimates for Granada vs. 2012 Block Model.
The Company has obtained all necessary permits for the initial mining phase known as the “Rolling Start” for which stripping has already begun, and has been conducting exploration drilling in order to expand the reported mineral resource for the property. Additional information is available at www.granadagoldmine.com.
“Frank J. Basa”
Frank J. Basa P. Eng.
President and Chief Executive Officer
For further information, please contact:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or
Wayne Cheveldayoff, Investor Relations, at 416-710-2410 or waynecheveldayoff@gmail.com |
