Gold Port arranges $1.28-million private placement

Executive Summary

• Gold Port Corp. has arranged a non-brokered private placement of up to 17.1 million units at 7.5 Canadian cents per unit, raising gross proceeds of up to $1,282,500 CAD.
• The proceeds will fund an initial drill campaign of up to 10,000 meters at the company's 100%-owned Groete gold-copper project in Guyana, aimed at upgrading the inferred resource and testing new targets.
• The company has secured necessary equipment, including a core rig and modular camp, with mobilization planned once road access is complete.

Key Details

• Financing Structure: Non-brokered private placement of up to 17.1 million units.
• Price: 7.5 Canadian cents per unit.
• Gross Proceeds: Up to $1,282,500 (Canadian).
• Warrant Terms: Each unit includes one transferable common share purchase warrant.
  • Exercise Price: 10 Canadian cents per share.
  • Validity: Five years from the date of closing.
• Hold Period: All securities subject to a statutory hold period of one year.
• Fees: No finders' fees paid.
• Regulatory Status: Subject to regulatory approval, including TSX Venture Exchange.
• Use of Proceeds: Advancing the Groete gold-copper project in Guyana.
• Drilling Plan: Initial campaign of up to 10,000 meters.
  • Objectives: Upgrade inferred resource to measured/indicated categories; test new target zones.
• Infrastructure: Company owns Multi-Power Products Discovery I core rig and support supplies; secured fully modular camp system.
• Project Status: Mobilization to site pending completion of road access.
• Resource Context: Groete project hosts NI 43-101 inferred resource of 1.57 million ounces Cu-Au equivalent.
• Market Context: Recent gold prices exceeding $4,000 USD/oz, compared to the $1,275 USD/oz used in the historical resource calculation.

Notable Quotes

• "Gold Port remains focused on unlocking the full potential of the Groete gold-copper project and creating long-term value for shareholders through resource growth from responsible exploration."