Granada Closes Flow-Through Private Placement
Granada Closes Flow-Through Private
Placement
ROUYN NORANDA, QC
,
July 21, 2020
/CNW/ - Granada Gold Mine Inc. (TSXV: GGM) (the
"Company" or "Granada") is pleased to announce that the Company has closed a flow-through
private placement financing raising gross proceeds of
$800,000
. The Company has issued
3,200,000 flow-through shares at a price of
$0.25
per flow-through share, subject to TSX Venture
Exchange ("Exchange") approval.
Finder's fees totaling
$56,000
in cash and 224,000 finder warrants were paid connection with the
financing. Each finder warrant is exercisable at
$0.25
per share for two 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 expiring on
November 22, 2020
, in accordance with applicable Securities Laws.
The proceeds of the flow-through Private Placement will be used for surface exploration, trenching,
and historical resampling of drill core on the Company's Granada Gold Property in Québec.
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/July2020/21/c2764.html
%SEDAR: 00004087E
For further information:
Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or
CO: Granada Gold Mine Inc.
CNW 21:32e 21-JUL-20