Grande Portage closes $1.04-million private placement

Executive Summary

• Grande Portage Resources Ltd. has closed a non-brokered private placement of 4,539,890 units at $0.23 per unit, raising gross proceeds of $1,044,175.
• Each unit consists of one common share and one common share purchase warrant, with warrants exercisable at $0.35 per share for two years.
• Net proceeds are intended for the exploration and development of the New Amalga gold project in Alaska, general and administrative expenses, and working capital.

Key Details

• Transaction Structure: Non-brokered private placement closed pursuant to Part 5A of National Instrument 45-106 and Coordinated Blanket Order 45-935.
• Units Sold: 4,539,890 units.
• Price: $0.23 per unit.
• Gross Proceeds: $1,044,175.
• Warrant Terms: Each unit includes one common share purchase warrant. Each warrant allows the holder to acquire one additional common share at an exercise price of $0.35 per share. Warrants are exercisable for a period of two years after closing.
• Investor Base: Purchasers resident in Canada (other than Quebec) and jurisdictions outside of Canada. No insiders participated.
• Finder’s Fees: Canaccord Genuity Corp. received $5,520 in cash and 24,000 non-transferable finder warrants.
• Finder Warrant Terms: Each finder warrant entitles the holder to acquire one common share at $0.23 per share for 24 months from the date of closing. Subject to a statutory hold period expiring four months and one day from the date of closing.
• Use of Proceeds: Furthering exploration and development of the New Amalga gold project in Alaska, general and administrative purposes (including marketing), and general working capital.
• Regulatory Status: Subject to final approval of the TSX Venture Exchange. Units issued under the listed issuer financing exemption are not subject to any statutory hold period in Canada.

Notable Quotes

• None provided in the text.