GBBFF - Granada Gold Closes $1350000 Flow-Through and Unit Private Placement

(TheNewswire)

TheNewswire - September 29, 2021 - Rouyn Noranda, QC - G ranada Gold Mine Inc.(TSXV:GGM ) (OTC:GBBFF) (the “Company” or “Granada”) announces that the Company has closed anon-brokered private placement by way of issuing 7,857,143 Quebecflow-through units (“QFT Units”) at a price of $0.14 per QFT Unitraising gross proceeds of $1,100,000.  The Company will also beissuing 2,500,000 units (“Units”) at a price of $0.10 per Unitraising gross proceeds $250,000.  The Company is raising a total of$1,350,000.

Each QFT Unit is comprised of one flow-through commonshare of the Company and one half of one share purchase warrant. Each whole warrant will entitle the holder thereof to purchase oneadditional common share of the Company at an exercise price of $0.20per share, for a period of two years from closing, subject to TSXVenture Exchange (“Exchange”) approval.

Each Unit is comprised of one common share of theCompany and one half of one share purchase warrant.  Each wholewarrant will entitle the holder thereof to purchase one additionalcommon share of the Company at an exercise price of $0.15 per share,for a period of three years from closing, subject to Exchangeapproval.

The proceeds of the FT and Unit Private Placement willbe used for surface exploration, trenching, and historical resamplingof drill core on the Company’s Granada Gold Property in Québec andfor general working capital purposes.

GloRes Securities Inc., the lead finder for thefinancing, was paid $94,500 in cash and 550,000 finder’s warrants. An additional 175,000 finder warrants were also paid. The finder’s warrants are on the same terms as the QFTwarrants .  The finder’s fees paid inconnection with the private placement are subject to Exchangeapproval.

All securities issued in connection with the privateplacement will be subject to a four?month and a day hold periodexpiring on January 28, 2022 in accordance with applicable CanadianSecurities Laws.

About Granada Gold Mine Inc.

Granada Gold Mine Inc. continues to develop the GranadaGold Property near Rouyn-Noranda, Quebec. Approximately 120,000 metersof drilling has been completed to date on the property, focused mainlyon the extended LONG Bars zone which trends 2 kilometers east-westover a potential 5.5 kilometers of mineralized structure. The highlyprolific Cadillac Break, the source of more than 75 million plusounces of gold production in the past century, cuts through the northpart of the Granada property, but is not necessarily indicative ofmineralization hosted on the company’s property.

The Granada Shear Zone and the South Shear Zonecontain, based on historical detailed mapping as well as from currentand historical drilling, up to twenty-two mineralized structurestrending east-west over five and a half kilometers. Three of thesestructures were mined historically from four shafts and three openpits. Historical underground grades were 8 to 10 grams per tonne goldfrom two shafts down to 236 m and 498 m with open pit grades from 3.5to 5 grams per tonne gold.

Updated Mineral Resource

The updated resource at the Company’s Granada Goldproject in Rouyn-Noranda, Quebec was estimated by SGS Canada andoutlined in a January 29, 2021 news release.  The final report wasfiled March 15, 2021 with an Effective date of December 15, 2020. The43-101 Technical Report is titled: Granada Gold Project MineralResource Estimate Update, Rouyn-Noranda, Quebec, Canada authored byYann Camus, P.Eng. and Maxime Dupéré, B.Sc, géo. Both of SGS CanadaInc.

Updated Mineral Resource EstimateBase Case with Details Between the Open Pit Portion and theUnderground Portion

1. 1. Cut-offgrades are based on a gold price of US$1,600 per ounce, a foreignexchange rate of US$0.76 for CA$1, a gold recovery of 93%

2. 2. Pitconstrained mineral resources are reported at a cut-off grade of 0.9g/t Au within a conceptual pit shell

3. 3. Undergroundmineral resources are reported at a cut-off grade of 3.0 g/t Au withinreasonably mineable volumes

The Company is in possession of all mining permitsrequired to commence the initial mining phase, known as the “RollingStart”, which allows the company to mine up to 550 tonnes per day.Additional information is available at www.granadagoldmine.com .

“Frank J. Basa”

Frank J. Basa P. Eng.
President and Chief Executive Officer

For further information, pleasecontact:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or
Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com

Neither the TSX Venture Exchange nor its RegulationService Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release. This news release may contain forward-lookingstatements including but not limited to comments regarding the timingand content of upcoming work programs, geological interpretations,receipt of property titles, potential mineral recovery processes, etc.Forward-looking statements address future events and conditions andtherefore, involve inherent risks and uncertainties. Actual resultsmay differ materially from those currently anticipated in suchstatements.

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