Grande Portage Announces Non-Brokered Private Placement pursuant to the listed issuer financing exemption
Grande Portage Resources Ltd. (TSX-V: GPG) (Grande Portage or the Company) is pleased to announce a non-brokered private placement of up to 9,090,909 units (each, a Unit) at a price of $0.11 per Unit for gross proceeds of up to $1,000,000 (the Offering). The Offering will be conducted pursuant to the listed issuer financing exemption under the TSX Venture Exchange Policies.
Each Unit will consist of one common share of the Company (a Common Share) and one-half of one Common Share purchase warrant (each whole warrant, a Warrant). Each Warrant will entitle the holder to purchase one additional Common Share at a price of $0.16 per share for a period of 24 months from the closing date of the Offering.
The net proceeds from the Offering will be used for exploration and development activities on the Company’s Herbert Gold Project in Southeast Alaska and for working capital and general corporate purposes.
The Company may pay finder’s fees in connection with the Offering, subject to compliance with the policies of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four months and one day from the closing date.
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