Granada Proposes To Issue Shares For Debt

(TheNewswire)

                                                                                              

                                                                      

  

January 16, 2026 – TheNewswire- Granada Gold Mine (TSXV: GGM) (“Granada Gold” orthe “Company”) announces that it has reached an agreement with certainnon-arm’s length creditors (collectively, the “Creditors”) torepay debt in the aggregate principal amount of $300,000 through theissuance of 3,000,000 common shares in the capital of the Company (the“Common Shares”) at a deemed price of $0.10 per Common Share (the“Transaction”).  

 

All Common Shares proposed to be issued in connectionwith the Transaction will be subject to a four?month and a day holdperiod in accordance with applicable Canadian SecuritiesLaws. The completion of the Transaction remainssubject to the approval of the TSX Venture Exchange (the“Exchange”).

 

Pursuant to ExchangePolicy 5.9 and Multilateral Instrument 61-101 -- Protection of MinoritySecurity Holders in Special Transactions ("MI61-101"), the Transaction constitutes a"related party transaction" in that two of the Company’sDirectors are also principals of Creditors .  The Company is exemptfrom the formal valuation and minority shareholder approvalrequirements under MI 61-101 in reliance on the exemptions set out insections 5.5(a) and 5.7(1)(a), respectively, as the fair market valueof the Transaction does not exceed 25% of the Company’s marketcapitalization.

 

The Company also announces that Christopher Ecclestonehas tendered his resignation as a director of the Company.  TheCompany thanks Mr. Ecclestone for his contributions and wishes him thebest with his future endeavours.

 

About Granada Gold Mine Inc.

 

Granada Gold Mine Inc. continues to develop and exploreits 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, andis adjacent to the prolific Cadillac Break. The Company owns 14.73square kilometers of land in a combination of mining leases andclaims. The Company is currently undergoing a large drill program with 18,000m out of 120,000m complete.The drills are currently paused to provide the technical team with thenecessary time to evaluate, assimilate existing data and wait forimproved market conditions. 

 

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 (43-101 reference).

 

The property includes the former Granada Goldunderground mine which produced more than 50,000 ounces of gold at 10grams per tonne gold in the 1930’s from two shafts before a firedestroyed the surface buildings.  In the 1990s, Granada Resourcesextracted a bulk sample (Pit #1) of 87,311 tonnes grading 5.17 g/t Au. They also extracted a bulk sample (Pit # 2) of 22,095 tonnes grading3.46 g/t Au.  Details available in 43-101report and on Company website:https://granadagoldmine.com/.

 

For further information, Contact:

Frank J. Basa, P.Eng. member of Professional Engineers Ontario

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-looking statements.Forward-looking statements in this news release may include statementsregarding acceptance of the Exchange of the Transaction and the ofcompletion of the Transaction. Although the Company believes theexpectations reflected in the forward-looking statements arereasonable, results may vary. The Company does not undertake to update any forward-lookinginformation in this news release or other communications unlessrequired by law.

  

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