Business
Granada Proposes Shares for Debt Transaction
(TheNewswire) Rouyn Noranda, Quebec - TheNewswire - July 25, 2023 - Granada Gol...
About this update from Granada Gold Mine Inc.
[{"type":"text","content":"Granada Proposes Shares for Debt Transaction\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Rouyn Noranda, Quebec -\n \n \n TheNewswire -\n \n \n July 25, 2023 -\n \n \n Granada Gold Mine\n \n \n (TSXV:GGM)\n \n \n (“\n \n \n Granada Gold\n \n \n ” or\nthe “\n \n \n Company\n \n \n ”) announces that it has reached an agreement with certain\ncreditors to repay debts in the aggregate amount of $134,750 through\nthe issuance of 4,491,666 common shares of the Company at a deemed\nprice of $0.03 per share (the “Transaction”).\n \n \n \n \n \n \n Pursuant to TSX Venture\nExchange Policy 5.9 and Multilateral Instrument 61-101\n--\n \n \n \n Protection\nof Minority Security Holders in Special\nTransactions\n \n \n \n (\"\n \n \n MI 61-101\n \n \n \"), the\nTransaction constitutes in part a \"related party\ntransaction\" in that a principal of one of the creditors (the\n“\n \n \n Related\nCreditor\n \n \n ”) is a director and officer of the\nCompany.  The Related Creditor is owed $113,000 and will receive\n3,766,666 shares in the Transaction.  The Transaction is exempt from\nthe formal valuation and minority approval requirements of MI 61-101\nas the fair market value of the shares to be issued to the Related\nCreditor does not exceed 25% of the Company’s market capitalization.\n Granada Gold did not file a material change report with respect to\nthe participation of the Related Creditor at least 21 days prior to\nthe closing date of the Transaction as the participation of the\nRelated Creditor and the terms and conditions of the Transaction were\nonly recently determined.\n \n \n \n \n All securities issued in connection with the\nTransaction will be subject to a four‐month and a day hold period in\naccordance with applicable Canadian securities laws.\n \n \n The Transaction is subject to the approval of the TSX Venture\nExchange.\n \n \n \n \n About Granada Gold Mine Inc.\n \n \n \n \n Granada Gold Mine Inc. continues to develop and explore\nits 100% owned Granada Gold Property near Rouyn-Noranda, Quebec which\nis\n \n \n adjacent to the prolific Cadillac Break.\n \n \n The Company owns 14.73 square kilometers of land\nin a combination of mining leases and claims. The company is...