Grande Portage Resources Announces Closing of Equity Financing

Executive Summary

• Grande Portage Resources Ltd. closed a non‑brokered private placement of 4,539,890 units at $0.23 per unit, generating gross proceeds of $1,044,175.
• Each unit includes one common share and one warrant to purchase an additional share at C$0.35 for two years; finder's warrants were also issued to Canaccord Genuity Corp.
• Net proceeds will be used to advance exploration and development of the New Amalga Gold project in Alaska, as well as for general corporate, marketing, and working‑capital purposes.

Key Details

• Units sold: 4,539,890
• Price per unit: $0.23 (CAD)
• Aggregate gross proceeds: $1,044,175
• Unit composition:
• 1 common share of Grande Portage
• 1 Common Share purchase warrant (exercise price C$0.35, exercisable for two years post‑closing)
• Finder’s compensation:
• Cash payment of $5,520 to Canaccord Genuity Corp.
• Issuance of 24,000 non‑transferable finder’s warrants (exercise price $0.23, 24‑month term, statutory hold period of 4 months + 1 day)
• Insider participation: None
• Regulatory status: Subject to final TSXV approval; units issued under the LIFE exemption with no statutory hold period for Canadian investors (excluding Quebec).
• Use of proceeds:
• Exploration and development of New Amalga Gold project (Alaska)
• General and administrative expenses, including marketing
• Working capital needs

Notable Quotes

“The successful closing of this financing provides us with the necessary capital to accelerate our New Amalga Gold project and strengthen our balance sheet,” – Ian M. Klassen, President & CEO.