Grande Portage Announces Increase to Non-Brokered Private Placement Offering and Closing of First Tranche
VANCOUVER, BC, August 10, 2017 - Grande Portage Resources Ltd. (TSX-V GPG) ("Grande Portage" or "the Company") is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (the "Offering") consisting of 2,216,667 Units at a price of $0.15 per share and will consist of one common share in the capital of the Company and one-half share purchase warrant to raise gross proceeds of $332,500. In connection with the first tranche of the Offering, the Company has agreed to pay finder's fees of $17,400 cash and 116,000 warrants priced at $0.25 per share exercisable for a period of eighteen (18) months. The common shares issued pursuant to this private placement are subject to a four month hold period. The first tranche of the Offering and payment of the finder's fees have been accepted by the TSX Venture Exchange.
The Company is also pleased to announce that, due to investor interest, the gross proceeds of the Offering has been increased by $50,000 from the $350,000 as previously announced on July 28, 2017, or 333,333 Units. In aggregate, Grande Portage may issue up to 2,666,667 common shares at a price of $0.15 per share unit ("Issue Price") under the Offering, for gross proceeds of up to $400,000.
The Company expects to close the second tranche ($67,500 or 450,000 Units) of the Offering on or before August 22, 2017, subject to certain conditions, including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. All securities issued in connection with this tranche of the Offering will be subject to a four month hold period from the date of closing, in accordance with applicable Canadian securities laws.
The net proceeds of the offering will be used to advance exploration activities at the Company's Herbert Gold property, located in southeast Alaska, as well as for general working capital. Finders' fees may be paid on the offering pursuant to the policies of the TSX-V.
About Grande Portage Resources Ltd.
Grande Portage Resources Ltd. is a Tier 2 publicly traded mineral exploration company principally focused on the Herbert Gold discovery situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% interest in the Herbert property. The Herbert Gold property has a NI 43-101 technical report completed with indicated resources of 821,100 tonnes containing 182,400 oz of gold at 6.91 g/t. Inferred resources of 51,600 tonnes containing 12,800 oz of gold at 7.73 g/t. The system is open to length and depth and is host to at least six main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The project lies prominently within the 160km long Juneau Gold Belt, which has produced nearly seven million ounces of gold.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
For further information please contact:
Mr. Ian Klassen
Phone: (604) 899-0106
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE