Mr. Ian Klassen reports
GRANDE PORTAGE RESOURCES CLOSES EQUITY FINANCING
Grande Portage Resources Ltd.'s non-brokered private placement, announced on April 21, 2021, has closed with the issuance of 1,106,715 units at a price of 28 cents per unit for gross proceeds of $309,880, with all securities issued having a four-month hold period which expires on Sept. 1, 2021.
As previously announced, each unit in this offering consists of one common share in the capital of the company and one-half of a share purchase warrant. Each whole warrant entitles the unit holder to purchase one additional Grande Portage common share at a price of 45 cents per share at any time within 24 months of the closing.
The company paid no finders' fees in conjunction with this non-brokered placement.
The net proceeds of the offering will be used to advance exploration activities at the company's Herbert gold project and for general working capital.
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.
In addition, the company announces that, subject to TSX Venture Exchange approval, it has granted incentive stock options to various directors, employees, advisers and consultants to purchase up to 975,000 common shares exercisable on or before May 3, 2026, at a price of 38 cents per share.
About Grande Portage Resources Ltd.
Grande Portage Resources is a publicly traded mineral exploration company focused on the Herbert gold discovery situated approximately 25 kilometres (km) north of Juneau, Alaska. The company holds a 100-per-cent 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-sulphide veins. The project lies prominently within the 160-kilometre-long Juneau gold belt, which has produced nearly seven million ounces of gold. The company's recent mineral resource estimate is reported at a base case mineral resources cut-off grade of 2.50 grams per tonne (g/t) gold (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).
We seek Safe Harbor.
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