Granada Gold Mine Announces Dividend Dates
Granada Gold Mine Announces Dividend Dates
ROUYN NORANDA, QC
,
Feb. 20, 2018
/CNW/ - Granada Gold Mine Inc. (TSX-V: GGM) (OTCPK: GBBFF) (Frankfurt: B6D) (the
"Company" or "Granada") announces that further to its news release dated
February 9, 2018
, the Company will be distributing its third annual
dividend of 2,500,000 Castle Silver Resources Inc. ("Castle") units on
February 27, 2018
, to its shareholders on a pro rata basis with a record
date of
February 22, 2018
, subject to TSX Venture Exchange approval.
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, 2018
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, 2018
.
The ex-dividend date will be
February 21, 2018
- from this date and forward, new shareholders will not receive the dividend.
The holder-of-record date will be
February 22, 2018
– the date on which the shareholders who are to receive the dividend are recognized.
For the fourth stock distribution to occur on a subsequent distribution date in 2019, separate ex-dividend and holder-of-record dates will be
established in 2019.
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.
An updated Mineral Resource Estimate and revised Block Model dated
June 30, 2017
, with effective date of
May 16, 2017
, includes the first
material estimate of high-grade gold resources discovered in zones at depth immediately north of the LONG Bars Zone open-pit deposit.
An initial Inferred underground resource of
10,386,500
tonnes grading
4.56
g/t Au at a cut-off grade of
1.5
g/t (
1.5
million oz. Au) has been
outlined along
600
meters of strike, north of the original near-surface discovery at
Granada
. Open-pit-constrained resources have
625,000
ounces
Measured at
1.14
g/t Au and
182,700
ounces Indicated at
1.26
g/t Au with a cut-off grade of 0.39 g/t Au (
807,700
ounces M&I at
1.16
g/t Au)
representing a major increase in Block Model estimates for Granada vs. 2012 Block Model.
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
.
"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/February2018/20/c5846.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 [email protected]
CO: Granada Gold Mine Inc.
CNW 15:00e 20-FEB-18