Grande Portage Resources Ltd. (the "Company") (TSXV: GPG) announced on March 8, 2016 that it had arranged a non-brokered private placement of up to 4,000,000 Units (the "Units") at $0.05 per Unit to raise up to $200,000 in gross proceeds. Today the Company is pleased to announce that it has increased the proposed private placement for up to 5,005,000 Units to raise up to $250,250 in gross proceeds. Each Unit will consist of one common share in the capital of the Company (each a "Common Share") and one share purchase warrant (a "Warrant"). Each whole Warrant will be exercisable at $0.075 to purchase an additional common share (each a "Warrant Share") for a period of 24 months following the Closing Date.
Proceeds from the Offering will be used for general working capital purposes. Finder's fees may be paid in connection with this transaction. The transaction is subject to regulatory approval.
About Grande Portage Resources Ltd.
Grande Portage Resources Ltd. is a publicly traded mineral exploration company, principally focused on the Herbert Gold discovery situated approximately 25 km north of Juneau, Alaska. The Company holds a 65% equity interest in the property while its joint venture partner, Quaterra Resources Inc. (TSX-V: "QTA") holds the remaining 35% interest. Each party is responsible for its proportionate costs.
The Herbert Gold property has a NI#43-101 Report completed with an Indicated resource of 821,100 tonnes containing 182,400 oz of gold at 6.91 g/t. Inferred resource 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 through a total depth range of thousands of feet. Grande Portage conducted an initial drill program in the fall of 2010. The results from the drilling program confirm the identification of major elements of a complex mesothermal gold-quartz system with numerous targets. Subsequently, the Company has conducted follow up drill programs of with a total of 108 diamond drill holes from ten different platforms. The results have been most favorable with numerous multi-ounce gold assays returned.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
For further information please contact:
Mr. Ian Klassen
Phone: (604) 899-0106
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