Gold Port arranges $1.28-million private placement

Executive Summary

• Gold Port Corp. announced a non‑brokered private placement of up to 17.1 million units at C$0.075 per unit, targeting gross proceeds of approximately $1.28 million.
• Proceeds will fund an initial up‑to‑10,000 m drill campaign at the 100% owned Groete gold‑copper project in Guyana, aiming to upgrade the NI 43‑101 inferred resource (1.57 M oz Cu‑Au eq.) and test new target zones.
• Each unit includes one common share and a transferable warrant exercisable at C$0.10 per share for five years; all securities are subject to a one‑year statutory hold period.

Key Details

• Placement Size: Up to 17,100,000 units.
• Price per Unit: C$0.075 (7.5 cents).
• Gross Proceeds Target: Approximately $1,282,500 CAD.
• Unit Composition: 1 common share + 1 transferable common share purchase warrant.
• Warrant Terms: Exercise price C$0.10 per share; valid for five years from closing; transferable.
• Statutory Hold Period: One year on all securities issued.
• No Finder’s Fees: The financing will be conducted without payment of finder’s fees.
• Regulatory Conditions: Subject to approval by the TSX Venture Exchange and other applicable regulators.
• Use of Proceeds:
• Advance the Groete gold‑copper project (100% owned) in Guyana.
• Fund an initial drill program of up to 10,000 m to upgrade inferred resources to measured/indicated categories and explore new targets.
• Mobilize a Multi‑Power Products Discovery I core rig and associated support supplies once road access is completed.
• Deploy a fully modular camp system to improve on‑site working conditions.
• Project Highlights:
• NI 43‑101 inferred resource of 1.57 M oz Cu‑Au equivalent within 74 Mt at 0.66 g/t Au‑Cu eq. (cut‑off 0.25 g/t).
• Strategic location with excellent access via the Essequibo River system.
• Market Context: Current gold price > US$4,000/oz; historical resource valuation used a $1,275/oz gold price, underscoring potential upside.

Notable Quotes

(No direct quotes were provided in the release.)