Granada Closes Private Placement
Granada Closes Private Placement
ROUYN NORANDA, QC
,
Feb. 23, 2021
/CNW/ - Granada Gold Mine Inc. (TSXV: GGM) (the
"Company" or "Granada") is pleased to announce that the Company has closed a non-brokered
private placement financing, raising gross proceeds of
$1,000,000
.
The Company has issued 5,000,000 units ("Units") at a price of
$0.20
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
$0.22
per share for a period of three years from closing, subject to TSX Venture
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.
All securities issued in connection with the private placement are subject to a four-month and a day
hold period expiring on
June 24, 2021
, in accordance with applicable Securities Laws.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop the Granada Gold Property near
Rouyn-Noranda,
Quebec
. 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 of mineralized structure. The highly prolific Cadillac Break, the source of
more than 75 million plus ounces of gold production in the past century, cuts through the north part of
the
Granada
property, but is not necessarily indicative of mineralization hosted on the company's
property.
The Granada Shear Zone and the South Shear Zone contain, based on historical detailed mapping
as well as from current and historical drilling, up to twenty-two mineralized structures trending east-
west over five and a half kilometers. Three of these structures were mined historically from two
shafts and two open pits. Historical underground grades were 8 to 10 grams per tonne gold from
two shafts down to
236 m
and
498 m
with open pit grades from 5 to 3.5 grams per tonne gold.
The Company is in possession of all mining 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. Additional
information is available at
www.granadagoldmine.com
.
"Frank J. Basa"
Frank J. Basa P. Eng
.
President and Chief Executive Officer
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/February2021/23/c6447.html
%SEDAR: 00004087E
For further information:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or Wayne
Cheveldayoff, Corporate Communications, at 416-710-2410 or [email protected]
CO: Granada Gold Mine Inc.
CNW 13:33e 23-FEB-21