ROUYN NORANDA, QC, Dec. 22, 2020 /CNW/ - Granada Gold Mine Inc.
(TSXV: GGM) (the "Company" or "Granada") is pleased to announce
that the Company has closed a flow-through private placement
financing raising gross proceeds of $534,982.50. The Company has issued
2,377,700 flow-through shares at a price of $0.225 per flow-through share, subject to TSX
Venture Exchange ("Exchange") final approval.
Finder's fees totaling $26,698.95
in cash and 118,662 finder warrants were paid connection with the
financing. Each finder warrant is exercisable at $0.225 per share for two 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 23, 2021, in accordance with
applicable Securities Laws.
The proceeds of the flow-through Private Placement will be used
for surface exploration, trenching, and historical resampling of
drill core on the Company's Granada Gold Property in Québec.
An insider of the Company purchased a total of 400,000 FT units
under the Private Placement, which is considered a related party
transaction within the meaning of Multilateral Instrument
61-101 Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Company relied on
the exemptions from the valuation and minority shareholder approval
requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(a),
respectively, of MI 61-101 in respect of such insider
participation. No new insiders and no control persons were created
in connection with the private placement.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. is continuing to develop 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 at 10 grams per tonne gold in the 1930's
before a fire destroyed the surface buildings. 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
mineralized structure. The highly prolific Cadillac Trend, the source of 50 million plus
ounces of gold production in the past century, cuts right through
the north part of the Granada
property on a line running from Val-d'Or to Rouyn-Noranda Quebec.
The Company is in possession of all permits required to commence
the initial mining phase known as the "Rolling Start", which allows
the company to mine up to 550 tonnes per day, capable of producing
up to 675,000 tonnes of ore over a 3-year period of time.
Additional information is available at www.granadagoldmine.com.
"Frank J. Basa"
Frank J. Basa P. Eng.
Chief Executive Officer and Chairman
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.