Granada closes $599,200 private placement

Nov 7, 2018

2018-11-06 20:31 ET – News Release

Mr. Frank Basa reports

GRANADA CLOSES PRIVATE PLACEMENT

Granada Gold Mine Inc. has closed a private placement financing raising gross proceeds of $599,200. The company has issued 3,994,666 units at a price of 15 cents per unit. Each unit comprises one common share and one share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share of the company at an exercise price of 18 cents per share for a period of three years from closing, subject to TSX Venture Exchange approval.

Finders’ fees totalling $5,956, payable in cash, were paid in connection with the financing. The finders’ 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-one-day hold period expiring on March 7, 2019, in accordance with applicable securities laws.

The 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 Quebec and for general working capital purposes.

An insider of the company purchased a total of 173,333 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. 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, 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 is developing the Granada gold property near Rouyn-Noranda, Que. The property includes the former Granada gold mine, which produced more than 50,000 ounces of gold in the 1930s before a fire destroyed the surface buildings.

The company has obtained all necessary permits for the initial mining phase, known as the rolling start, for which stripping has already begun, and has been conducting exploration drilling in order to expand the reported mineral resource for the property.

We seek Safe Harbor.

https://granadagoldmine.com/en/news/2018/