GBBFF - Granada Gold Closes $600000 Flow-Through Private Placement
(TheNewswire)
December 21, 2021 – TheNewswire - Rouyn Noranda, QC -G ranada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF) (the “Company” or“Granada”) announces that the Company hasclosed a non-brokered private placement by way of issuing 5,454,546flow-through units (“FT Units”) at a price of $0.11 per FT Unitraising gross proceeds of $600,000.06.
Each FT 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 $0.15per share, for a period of two years from closing, subject to TSXVenture Exchange (“Exchange”) approval.
The proceeds of the FT Unit Private Placement will beused for surface exploration, trenching, and historical resampling ofdrill core on the Company’s Granada Gold Property inQuébec.
GloRes Securities Inc., was paid $12,000 in cash andwas issued 109,090 finder’s warrants (“Finder Warrants”). Anadditional $36,000 cash and 327,272 Finder Warrants were also paid. Each Finder Warrant will entitle the finder to purchase oneadditional share of the Company at an exercise price of $0.11 pershare for a period of two years from closing. The finder’s fees paid in connection with the privateplacement are subject to Exchange approval.
All securities issued in connection with the privateplacement will be subject to a four?month and a day hold periodexpiring on April 22, 2022 in accordance with applicable CanadianSecurities Laws.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop and exploreits 100% owned Granada Gold Property near Rouyn-Noranda, Quebec whichis adjacent to the prolific Cadillac Break. The Company owns 14.73 square kilometers of landin a combination of mining leases and claims. The company is currentlyundergoing a large drill program with 30,000m out of 120,000mcomplete. The drills are currently paused to provide the technicalteam with the necessary time to evaluate and assimilate existing data.
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.
Mineral Resource Estimate
On March 15, 2021 the Company released an updated NI43-101 resource estimate for the Granada Gold project (Please seeJanuary 29, 2021 news release) with a combined total of 713,000 goldounces of measured, indicated, and inferred. This estimate contains351,000 gold ounces of combined measured, indicated, and inferred forthe open pit and 362,000 gold ounces of combined measured, indicated,and inferred for the underground. Please see Table 2 below for fulldetails. Report reference: Granada Gold Project Mineral ResourceEstimate Update, Rouyn-Noranda, Quebec, Canada authored by Yann Camus,P.Eng. and Maxime Dupéré, B.Sc, P.Geo., SGS Canada Inc. with aneffective date of December 15, 2020 and signature date of March 15,2021.
Table 2: Mineral Resource Estimate Showing Tonnes,Average Grade, and Gold Ounces
| Type |
| Category |
| Tonnes |
| Avg Grade Au (g/t) |
| Gold Ounces |
| Open Pit |
| Measured |
| 3,756,000 |
| 1.89 |
| 228,000 |
| Indicated |
| 1,357,000 |
| 2.55 |
| 111,000 |
| Measured + Indicated |
| 5,113,000 |
| 2.06 |
| 339,000 |
| Inferred |
| 34,000 |
| 11.29 |
| 12,000 |
| Underground |
| Measured |
| 37,000 |
| 4.22 |
| 5,000 |
| Indicated |
| 807,000 |
| 4.02 |
| 104,000 |
| Measured + Indicated |
| 844,000 |
| 4.03 |
| 109,000 |
| Inferred |
| 1,244,000 |
| 6.33 |
| 253,000 |
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, Contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
P: 416-625-2342
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
E: waynecheveldayoff@gmail.com
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. This news release may containforward-looking statements which include, but are not limited to,comments that involve future events and conditions, which are subjectto various risks and uncertainties. Except for statements ofhistorical facts, comments that address resource potential, upcomingwork programs, geological interpretations, receipt and security ofmineral property titles, availability of funds, and others areforward-looking. Forward-looking statements are not guarantees offuture performance and actual results may vary materially from thosestatements. General business conditions are factors that could causeactual results to vary materially from forward-lookingstatements.
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