Grande Portage Announces $3.15 Million Private Placement; Eric Sprott to Purchase 10 Million Units
280 - 1090 West Georgia Street
Vancouver, British Columbia. V6E 3V7
GRANDE PORTAGE ANNOUNCES $3.15 MILLION PRIVATE
PLACEMENT; ERIC SPROTT TO PURCHASE 10 MILLION UNITS
VANCOUVER, BC, J ULY 3, 2020 – Grande Portage Resources Ltd. (TSX-V “GPG”); (OTCQB:
“GPTRF”); (Frankfurt: “GPB”); ("Grande Portage" or "the Company") is pleased to announce that it has
arranged, subject to approval from the TSX Venture Exchange, a non -brokered private placement of up to
10,500,000 units for gross proceeds of up to CAD$3,150,000.
The private placement offering will be at $0.30 per unit, a nd will consist of one common share in the capital
of the Company and one half share purchase warrant. Each whole warrant will be exercisable at $0.45 to
purchase an additional common share for a period of 18 months following the closing date.
Mr. Eric S prott has agreed to invest CAD$3,000,000 in the Private Placement, for the acquisition of
10,000,000 Units.
Ian Klassen, President and CEO of Grande Portage commented, "We are very pleased to welcome Mr.
Sprott as a key shareholder in our Company. His inv estment makes him the largest single investor in the
Company and is a strong endorsement of our ongoing efforts to increase our gold resource at the Herbert
Gold project in S.E. Alaska where we are currently conducting a drill program”.
The proceeds of th e Private Placement will be primarily used to expand Grande Portage’s continuing
exploration program at the Herbert Gold project and for general working capital purposes. Finders' fees may
be paid on the offering pursuant to the policies of the TSX -Venture Exchange. All securities issued will be
subject to a four-month hold period which will expire on the date that is four months and one day from the
date of issue.
About Grande Portage:
Grande Portage Resources Ltd. is a publicly traded mineral exploratio n company focused on the Herbert
Gold discovery situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% interest
in the Herbert property. The Herbert Gold property system is open to length and depth and is host to at least
six main c omposite vein-fault structures that contain ribbon structure quartz -sulfide veins. The project lies
prominently within the 160km long Juneau Gold Belt, which has produced nearly seven million ounces of
gold. The Company’s recent Mineral Resource estimate i s quoted at a base case mineral resources cut -off
grade of 2.50 grams per tonne gold (g/t Au) and consists of: An indicated resource of 606,500 ounces of gold
at an average grade of 10.03 g/t Au (1,880,500 tonnes); and an inferred resource of 251,700 ounces of gold at
an average grade of 14.15 g/t Au (553,429 tonnes).
280 - 1090 West Georgia Street
Vancouver, British Columbia. V6E 3V7
- 2 -
ON BEHALF OF THE BOARD
“Ian Klassen”
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Email: [email protected]
www.grandeportage.com
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward -looking statements" under applicable Canadian securities
legislation. Forward-looking statements include estimates and statements that describe the Company’s future
plans, objectives or goals, including words to the effect that the Company or management expects a stated
condition or result to occur. Forward -looking statements may be identified b y such terms as “believes”,
“anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward -looking
statements are based on assumptions and address future events and conditions, by their very nature they
involve inherent ri sks and uncertainties as described in the Company's filings with Canadian securities
regulators. There can be no assurance that such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward -looking statements. The Company disclaims any intention or obligation
to update or revise any forward-looking information, whether as a result of new information, future events or
otherwise, other than as required by law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS
DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS NEWS RELEASE