Granada Gold Mine closes $600,000 private placement

Dec 21, 2021

2021-12-21 13:25 ET – News Release

Mr. Frank Basa reports

GRANADA GOLD CLOSES $600,000 FLOW-THROUGH PRIVATE PLACEMENT

Granada Gold Mine Inc. has closed a non-brokered private placement by way of issuing 5,454,546 flow-through units at a price of 11 cents per FT unit, raising gross proceeds of $600,000.06.

Each FT unit comprises one flow-through common share of the company and one-half share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional common share of the company at an exercise price of 15 cents for a period of two years from closing, subject to TSX Venture Exchange approval.

The proceeds of the FT unit private placement will be used for surface exploration, trenching and historical resampling of drill core on the company’s Granada gold property in Quebec.

GloRes Securities Inc. was paid $12,000 and was issued 109,090 finders’ warrants. An additional $36,000 and 327,272 finders’ warrants were also paid. Each finder’s warrant will entitle the finder to purchase one additional share of the company at an exercise price of 11 cents for a period of two years from closing. The finders’ fees paid in connection with the private placement are subject to exchange approval.

All securities issued in connection with the private placement will be subject to a four-month-and-one-day hold period, expiring on April 22, 2022, in accordance with applicable Canadian securities laws.

About Granada Gold Mine Inc.

Granada Gold Mine continues to develop and explore its 100-per-cent-owned Granada gold property, located near Rouyn-Noranda, Que., which is adjacent to the prolific Cadillac break. The company owns 14.73 square kilometres of land in a combination of mining leases and claims. The company is currently undergoing a large drill program, with 30,000 metres out of 120,000 m completed. The drills are currently paused to provide the technical team with the necessary time to evaluate and assimilate existing data.

The Granada shear zone and the South shear zone contain, based on historical detailed mapping as well as current/historical drilling, up to 22 mineralized structures trending east-west over 5.5 kilometres. Three of these structures were mined historically from four shafts and three open pits.

We seek Safe Harbor.

https://granadagoldmine.com/