ROUYN NORANDA, QC, Feb. 23, 2021 /CNW/ - Granada Gold Mine Inc.
(TSXV: GGM) (the "Company" or "Granada") is pleased to announce
that the Company has closed a non-brokered private placement
financing, raising gross proceeds of $1,000,000.
The Company has issued 5,000,000 units ("Units") at a price of
$0.20 per Unit. Each Unit is
comprised of one common share of the Company and one share purchase
warrant. Each whole warrant entitles the holder thereof to
purchase one additional common share of the Company at an exercise
price of $0.22 per share for a period
of three years from closing, subject to TSX Venture Exchange
approval.
Proceeds of the private placement will be used for surface
exploration, trenching, and historical resampling of drill core on
the Company's Granada Gold Property in Québec and general working
capital.
All securities issued in connection with the private placement
are subject to a four-month and a day hold period expiring on
June 24, 2021, in accordance with
applicable Securities Laws.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop the Granada Gold
Property near Rouyn-Noranda,
Quebec. 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 of mineralized structure. The highly prolific
Cadillac Break, the source of more than 75 million plus ounces of
gold production in the past century, cuts through the north part of
the Granada property, but is not
necessarily indicative of mineralization hosted on the company's
property.
The Granada Shear Zone and the South Shear Zone contain, based
on historical detailed mapping as well as from current and
historical drilling, up to twenty-two mineralized structures
trending east-west over five and a half kilometers. Three of these
structures were mined historically from two shafts and two open
pits. Historical underground grades were 8 to 10 grams per tonne
gold from two shafts down to 236 m
and 498 m with open pit grades from 5
to 3.5 grams per tonne gold.
The Company is in possession of all mining 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.
Additional information is available at www.granadagoldmine.com.
"Frank J. Basa"
Frank J. Basa P. Eng.
President and Chief Executive Officer
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.