Vancouver, British Columbia – (Newsfile Corp. – June 10, 2021) – Grande Portage Resources Ltd. (TSXV: GPG) (OTCQB: GPTRF) (FSE: GPB) (“Grand Portage” or “the company“) is pleased to announce that its non-middleman private placement, initially announced on May 20, 2021, closed with the issuance of 7,813,073 units at a price of $ 0.48 per unit for gross proceeds of $ 3,750,275, all securities issued having a four-month hold period that expires October 11, 2021.
As previously announced, each unit of this offering consists of one common share in the capital of the company and half a subscription warrant. Each whole warrant entitles the unitholder to purchase one additional GPG common share at a price of $ 0.72 per share at any time within 24 months of closing.
The Company paid $ 55,570 in cash and issued 115,770 finder’s fee warrants in connection with this non-middleman placement. The broker’s warrants have the same conditions as the subscribers’ warrants.
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.
About Grand Portage:
Grande Portage Resources Ltd. is a publicly traded mining exploration company focused on the Herbert Gold discovery located approximately 25 km north of Juneau, Alaska. The Company owns a 100% interest in the Herbert property. The Herbert Gold property system is open in length and depth and hosts at least six major composite fault vein structures that contain quartz-sulfide veins with a ribbon structure. The project sits prominently in the 160 km long Juneau gold belt, which has produced nearly seven million ounces of gold. May 12e, 2021, the Company announced an updated NI 43-101 Mineral Resource Estimate related to a Reference Mineral Resource Cut-off of 3.0 grams per tonne of gold (g / t Au) and consists of: an indicated resource of 1,196,800 ounces of gold grading 10.23 g / t Au (3,637,000 tonnes); and an inferred resource of 325,900 ounces of gold at an average grade of 8.91 g / t Au (1,138,000 tonnes), as well as an indicated resource of 686,700 ounces of silver at an average grade of 5, 87 g / t Ag (3,637,000 tonnes); and an inferred resource of 169,300 ounces of silver at an average grade of 4.63 g / t silver (1,138,000 tonnes). A full technical report will be filed with the relevant regulatory authorities within 45 days of this date.
ON BEHALF OF THE BOARD
Caution regarding forward-looking information
This press release includes certain “forward-looking statements” under applicable Canadian securities laws. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words indicating that the Company or management expects a condition or reported result to occur. Forward-looking statements may be identified by words such as “believes”, “anticipates”, “expects”, “estimates”, “could”, “could”, “could”, “will” or “will”. Since forward-looking statements are based on assumptions and deal with future events and conditions, by their very nature they involve inherent risks and uncertainties, as described in documents filed by the Company with Canadian authorities. in securities. 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. Therefore, 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, except as required by law.
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