Granada Closes 1st Tranche Private Placement with a Lead Order from Palisades Goldcorp Ltd.
Granada Closes 1st Tranche Private
Placement with a Lead Order from Palisades
Goldcorp Ltd.
ROUYN NORANDA, QC
,
Aug. 27, 2020
/CNW/ - Granada Gold Mine Inc. (TSXV: GGM) (the
"Company" or "Granada") is pleased to announce that the Company has closed the first tranche of
its non-brokered private placement financing, raising gross proceeds of
$700,000
with a lead order
from Palisades Goldcorp Ltd.
The Company has issued 3,043,478 units ("Units") in the first tranche closing at a price of
$0.23
per
Unit. Each Unit is comprised of one common share of the Company and one share purchase
warrant. Each whole warrant entitles the holder thereof to purchase one additional common share
of the Company at an exercise price of
$0.28
per share for a period of three years from closing,
subject to TSX Venture Exchange ("Exchange") approval.
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 Québec and general working
capital.
Finder's fees totaling
$48,300
and 210,000 finder warrants were paid connection with the financing.
Each finder warrant is exercisable at
$0.28
per share for three years from closing. The finder's fees
paid in connection with the private placement are subject to Exchange approval.
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 Palisades GoldCorp.
Palisades Goldcorp is
Canada's
new resource focused merchant bank. Palisades' management
team has a demonstrated track record of making money and is backed by many of the industry's
most notable financiers. With junior resource equities valued at generational lows, management
believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with
significant stakes in undervalued companies and assets with the goal of generating superior returns.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. is continuing to develop the Granada Gold Property near
Rouyn-Noranda,
Quebec
. The property includes the former
Granada
gold mine which produced more than 50,000
ounces of gold at 10 grams per tonne gold in the 1930's before a fire destroyed the surface
buildings. Approximately 120,000 meters of drilling has been completed to date on the property,
focused mainly on the extended LONG Bars zone which trends 2 kilometers east west over a
potential 5.5 kilometers mineralized structure. The highly prolific
Cadillac Trend
, the source of 50
million plus ounces of gold production in the past century, cuts right through the north part of the
Granada
property on a line running from
Val-d'Or
to
Rouyn-Noranda Quebec
.
The Company is in possession of all permits required to commence the initial mining phase known as
the "Rolling Start", which allows the company to mine up to 550 tonnes per day, capable of
producing up to 675,000 tonnes of ore over a 3-year period of time. Additional information is
available at
www.granadagoldmine.com
.
"Frank J. Basa"
Frank J. Basa P. Eng
.
Chief Executive Officer and Chairman
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release. This news release may contain forward-looking statements including but not limited to
comments regarding the timing and content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements
address future events and conditions and therefore, involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such statements.
SOURCE
Granada Gold Mine Inc.
View original content:
http://www.newswire.ca/en/releases/archive/August2020/27/c5203.html
%SEDAR: 00004087E
For further information:
Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or
CO: Granada Gold Mine Inc.
CNW 18:48e 27-AUG-20