Granada Increases and Closes Private Placement for $925,380
Granada Increases and Closes Private
Placement for $925,380
ROUYN NORANDA, QC
,
Sept. 27, 2019
/CNW/ - Granada Gold Mine Inc. (TSXV: GGM) (the
"Company" or "Granada") is pleased to announce that further to its news release of
September 11,
2019
, the Company has increased and closed its financing raising gross proceeds of
$925,380
.
A total of 9,253,800 units were issued with each unit consisting of one common share in the capital
of the Company and one share purchase warrant. Each warrant entitles the holder to purchase one
share of the Company for a period of three years from closing at an exercise price of
$0.15 cents
per share.
The Company also paid Finder fees in connection with the private placement in the amount of
$46,900
in cash and 469,000 broker warrants on the same terms as the purchaser warrants. All
finder's fees are subject to TSX Venture Exchange ("Exchange") approval.
All securities issued are subject to a four-month-and-a-day hold period expiring on
January 25, 2020
,
in accordance with applicable securities laws. The private placement is subject to final Exchange
approval.
The proceeds of the private placement will be used for surface exploration, trenching, resampling of
historical drill core on the Granada Gold Property in Québec and for general working capital
purposes.
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.
Pit-Constrained Mineral Resources at
Granada
disclosed on
February 13
th
, 2019 Press Release
prepared by SGS independent QP stand at:
Category
Tonnes
Grade (g/t Au)
Contained Au (oz)
Measured
12,637,000
1.02
413,000
Indicated
9,630,000
1.13
349,000
Measured & Indicated
22,267,000
1.06
762,000
Inferred
6,930,000
2.04
455,000
Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. An
Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and
Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably
expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral
Resources with continued exploration.
+ Open pit mineral resources are reported at a cut-off grade of 0.4 g/t Au within a conceptual pit
shell. Cut-off grades are based on a gold price of
US$1,300
per ounce, a foreign exchange rate of
US$0.76
, and a gold recovery of 95%.
The Company is in possession of a mining permit 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
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/September2019/27/c8954.html
%SEDAR: 00004087E
For further information:
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]
CO: Granada Gold Mine Inc.
CNW 13:40e 27-SEP-19