Granada Closes Private Placement
2875 Ave Granada
Rouyn Noranda, Québec J9Y 1Y1
Tel : 819-797-4144 / Fax: 819-792-2306
GRANADA CLOSES PRIVATE PLACEMENT
November 6, 2018 – Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased
to announce that the Company has closed a private placement financing raising gross proceeds of
$599,200. The Company has issued 3,994,666 units at a price of $0.15 per unit. Each unit comprises
one common share and one share purchase warrant. Each warrant will entitle the holder thereof to
purchase one additional common share of the Company at an exercise price of $0.18 per share for a
period of three years from closing, subject to TSX Venture Exchange approval.
Finder’s fees totalling $5,956 payable in cash were paid in connection with the financing. 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 March 7, 2019, in accordance with applicable Securities Laws.
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 Québec and for general working
capital purposes.
An insider of the Company purchased a total of 173,333 units under the Private Placement, which is
considered a related party transaction within the meaning of Multilateral Instrument 61 -
101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company
relied on the exemptions from the valuation and minority shareholder approval requirements of MI
61-101 contained in Sections 5.5(a) and 5.7(a), respectively, of MI 61-101 in respect of such insider
participation. No new insiders and no control persons were created in connection with the private
placement.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. is developing 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 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.
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.
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The Company has signed a provisional milling agreement with Canada Cobalt Works (TSX -V: CCW)
to process an initial 600,000 -to-2,000,000 tonnes of mineralized material at a grade of 4.5 g/t Au.
Canada Cobalt Works has retained the engineering firm Wood Grou p to undertake the necessary
studies to obtain the required permits to install a 600 -tonne-per-day mill at the Castle mine site in
Gowganda, Ontario.
As well, Granada Gold has selected an engineering firm to commence a feasibility study for the
development of a producing mine with a capacity of 80,000-to-100,000 ounces of gold per year at its
100-percent-owned Granada property, located in Quebec in the town of Rouyn-Noranda.
“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, Corporate Communications, at 416-710-2410 or
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 in cluding 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.