Grande Portage Resources Announces Update on Equity Financing
1050 - 1090 West Georgia Street
Vancouver, British Columbia. V6E 3V7
Grande Portage Resources Announces Update on Equity Financing
Vancouver, British Columbia —August 7 , 2024 – Grande Portage Resources Ltd. (TSXV: GPG)
(OTCQB: GPTRF) (FSE: GPB) ("Grande Portage" or the "Company") is pleased to announce that its
non-brokered private placement of up to 5,555,555 Units announced on July 30, 20 24, has been over -
subscribed and will now consist of 5,836,221 Units at a price of $0.1 8 for gross proceeds of $ 1,050,520
subject to approval by the TSX Venture Exchange.
As previously announced, each Unit in this offering consists of one common share in the capital of the
Company (each a “Common Share”) and one share purchase warrant (a “Warrant”). Each warrant entitles the
Unit holder to purchase one (1) additional GPG common share at a price of $0. 25 per share at any time
within 24 months of the closing.
The Company will pay an aggregate of $ 22,858 in cash and issue 119,210 Finders Warrants in connection
with this offering. Each Finder’s Warrant entitles the holder to acquire one common share of the Company at
$0.25 per share for 24 months from the date of closing. The Finder’s Warrants are issued on the same terms
and conditions as the private placement Warrants. All finder's fees are subject to compliance with applicable
securities legislation and TSX Venture Exchange policies.
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 exploration 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 composite vein -fault structures that contain ribbon structure quartz -sulfide veins. The project lies
prominently within the 160km long Juneau Gold Belt, which has produced over seven million ounces of gold.
The Company's updated NI#43-101 Mineral Resource estimate reported at a base case mineral resources cut-
off grade of 2.5 grams per tonne gold (g/t Au) and consists of: an Indicated Resource of 1,438,500 ounces of
gold at an average grade of 9.47 g/t Au ( 4,726,000 tonnes); and an Inferred Resource of 515,700 ounces of
gold at an average grade of 8. 85 g/t Au (1, 813,000 tonnes), as well as an Indicated Resource of 891,600
ounces of silver at an average grade of 5.8 6 g/t Ag (4,726,000 tonnes); and an Inferred Resource of 390,600
ounces of silver at an average grade of 7.33 g/t silver (1,813,000 tonnes).
ON BEHALF OF THE BOARD
"Ian Klassen"
Ian M. Klassen
President & Chief Executive Officer
1050 - 1090 West Georgia Street
Vancouver, British Columbia. V6E 3V7
- 2 -
Tel: (604) 290-5762
Email: [email protected]
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 by 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 risks 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