Granada GOLD Closes $1,350,000 Flow-Through and Unit Private Placement
Q
2875 Ave Granada
Rouyn Noranda, Québec J9Y 1Y1
Tel : 819-797-4144 / Fax: 819-792-2306
GRANADA GOLD CLOSES $1,350,000 FLOW-THROUGH AND UNIT PRIVATE PLACEMENT
September 27, 2021: Rouyn Noranda, QC - Granada Gold Mine Inc. (TSXV: GGM) (the “Company”
or “Granada”) announces that the Company has closed a non-brokered private placement by way of
issuing 7,857,143 Quebec flow-through units (“QFT Units”) at a price of $0.14 per QFT Unit raising
gross proceeds of $1,100,000. The Company will also be issuing 2,500,000 units (“Units”) at a price
of $0.10 per Unit raising gross proceeds $250,000. The Company is raising a total of $1,350,000.
Each QFT Unit is comprised of one flow-through common share of the Company and one half of 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 $0.20 per share, for a period of two
years from closing, subject to TSX Venture Exchange (“Exchange”) approval.
Each Unit is comprised of one common share of the Company and one half of 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 $0.15 per share, for a period of three years from closing,
subject to Exchange approval.
The proceeds of the FT and Unit 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.
GloRes Securities Inc., the lead finder for the financing, was paid $94,500 in cash and 550,000 finder’s
warrants. An additional 175,000 finder warrants were also paid. The finder’s warrants are on the
same terms as the QFT warrants. 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 will be subject to a four-month and a
day hold period expiring on January 28, 2022 in accordance with applicable Canadian 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 four
shafts and three 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 3.5 to 5 grams per tonne gold.
2
Updated Mineral Resource
The updated resource at the Company’s Granada Gold project in Rouyn-Noranda, Quebec was
estimated by SGS Canada and outlined in a January 29, 2021 news release. The final report was filed
March 15, 2021 with an Effective date of December 15, 2020. The 43-101 Technical Report is titled:
Granada Gold Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec, Canada authored
by Yann Camus, P.Eng. and Maxime Dupéré, B.Sc, géo. Both of SGS Canada Inc.
Updated Mineral Resource Estimate Base Case with Details Between the Open Pit Portion and
the Underground Portion
Type Category Tonnes Au
(g/t) Gold Ounces
In Pit
Measured1 3,756,000 1.89 228,000
Indicated 1,357,000 2.55 111,000
Measured+Indicated 5,113,000 2.06 339,000
Inferred 34,000 11.29 12,000
Underground
Measured 37,000 4.22 5,000
Indicated 807,000 4.02 104,000
Measured+Indicated 844,000 4.03 109,000
Inferred 1,244,000 6.33 253,000
1. Cut-off grades are based on a gold price of US$1,600 per ounce, a foreign exchange rate of US$0.76 for CA$1, a gold recovery of 93%
2. Pit constrained mineral resources are reported at a cut-off grade of 0.9 g/t Au within a conceptual pit shell
3. Underground mineral resources are reported at a cut-off grade of 3.0 g/t Au within reasonably mineable volumes
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
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 [email protected]
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.