Granada Gold Mine announces Dividend Dates
Granada Gold Mine announces Dividend Dates
ROUYN-NORANDA, QC
,
Feb. 10, 2017
/CNW/ - Granada Gold Mine Inc. (TSX-V: GGM) (OTCPK: GBBFF) (Frankfurt: B6D) (the "Company" or "Granada") is
pleased to announce that its Board of Directors has approved a stock dividend with the second annual distribution of 2,500,000 Castle Silver Resources Inc.
("Castle") units payable on
February 27, 2017
, to its shareholders on a pro rata basis with a record date of
February 22, 2017
.
Each unit is comprised of one common share in the capital of Castle and one common share purchase warrant, with each warrant entitling the holder to acquire
one common share of Castle on or before
September 15, 2017
at an exercise price of
$0.10
per common share.
The distribution of the Castle units to the Company's shareholders of record will be distributed on a pro rata basis in accordance with the following terms:
The 2,500,000 Castle units will be distributed on
February 27, 2017
.
The ex-dividend date will be
February 17, 2017
- from this date and forward, new shareholders will not receive the dividend.
The holder-of-record date will be
February 22, 2017
– the date on which the shareholders who are to receive the dividend are recognized.
For stock distributions to occur on subsequent distribution dates in 2018 and 2019, separate ex-dividend and holder-of-record dates will be established in
each of those years.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. (formerly Gold Bullion Development Corp.) 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 with an average grade of 0.28 ounce per ton (9.6 grams per tonne)
before a fire destroyed the surface buildings. The highly prolific Cadillac Trend cuts through the north part of the property. The Cadillac Trend 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
.
The Company has obtained all necessary permits for the initial mining phase known as the "Rolling Start" for which stripping has already begun. In addition, the
Company has resumed exploration at
Granada
with the goal of significantly expanding the size of the deposit's resource. 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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2017/10/c2011.html
%SEDAR: 00004087E
For further information:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or Wayne Cheveldayoff, Investor Relations, at 416-710-2410 or
CO: Granada Gold Mine Inc.
CNW 16:00e 10-FEB-17