Granada Gold Mine Closes Quebec Flow-Through Private Placement
2875 Ave Granada
Rouyn Noranda, Québec J9Y 1Y1
Tel : 819-797-4144 / Fax: 819-792-2306
Granada Gold Mine Closes
Quebec Flow-Through Private Placement
Rouyn Noranda, Q.C., December 30, 2024 - Granada Gold Mine Inc. (TSXV: GGM) (OTC: GBBFF)
(Frankfurt: B6D) (the "Company" or "Granada") announces that the Company has closed a Quebec
Flow-Through (QFT) private placement financing raising gross proceeds of $200,000. The Company
has issued 5,714,286 QFT shares at a price of $0.035 per QFT share, subject to final TSX Venture
Exchange (“Exchange”) approval.
Finder’s fees totaling 571,428 shares a deemed price of $0.035 per share and 5,721,428 finder
warrants were paid in connection with the financing. Each finder warrant is exercisable at $0.05 per
share for three years from closing. 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 April 28, 2025, in accordance with applicable Securities Laws.
The proceeds of the QFT private placement will be used for the Company’s Granada Gold Property,
near Rouyn-Noranda, Quebec.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop and explore its 100% owned Granada Gold Property
near Rouyn-Noranda, Quebec, and is adjacent to the prolific Cadillac Break. The Company owns 14.73
square kilometers of land in a combination of mining leases and claims. The Company is currently
undergoing a large drill program with 20,000m out of 120,000m complete. The drills are currently
paused to provide the technical team with the necessary time to evaluate, assimilate existing data
and wait for improved market conditions.
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.
The property includes the former Granada Gold underground mine which produced more than
50,000 ounces of gold at 10 grams per tonne gold in the 1930’s from two shafts before a fire
destroyed the surface buildings. In the 1990s, Granada Resources extracted a bulk sample (Pit #1)
of 87,311 tonnes grading 5.17 g/t Au. They also extracted a bulk sample (Pit # 2) of 22,095 tonnes
grading 3.46 g/t Au.
For further information, Contact:
Frank J. Basa, P.Eng. member of Professional Engineers Ontario
Chief Executive Officer
P: 416-625-2342
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
Neither the TSX Venture Exchange nor its Regulation Services 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 which include, but are not limited
to, comments that involve future events and conditions, which are subject to various risks and
uncertainties. Except for statements of historical facts, comments that address resource potential,
upcoming work programs, geological interpretations, receipt and security of mineral property titles,
availability of funds, and others are forward-looking. Forward-looking statements are not guarantees
of future performance and actual results may vary materially from those statements. General business
conditions are factors that could cause actual results to vary materially from forward-looking
statements. The Company does not undertake to update any forward-looking information in this news
release or other communications unless required by law.