Granada Receives Regulatory Approval for Listing of Class a Redeemable Preferred Shares

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[{"type":"text","content":"Granada Receives Regulatory Approval for Listing of Class a Redeemable Preferred Shares\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, QC -\nTheNewswire\n \n \n - June 6, 2023\n-\n \n \n Granada Gold Mine Inc.\n \n \n (TSXV:GGM)\n \n \n (the\n“\n \n \n Company\n \n \n ” or “\n \n \n Granada\n \n \n ”) is pleased to announce that it has\nreceived conditional approval from the TSX Venture Exchange\n(“TSXV”) for the supplemental listing on the TSXV of Class A\nRedeemable Preferred Shares. Granada has called an annual general and\nspecial meeting to be held at the Company’s head office in\nCoquitlam, British Columbia on July 17, 2023 at which shareholders\nwill be asked to adopt a special resolution approving the creation of\nClass A Redeemable Preferred Shares, among other matters.\n \n \n \n \n Granada intends to issue Class A Redeemable Preferred\nShares at an estimated price of USD $31.10 per share and thereby raise\nup to USD $25 million by way of private placement. The Company intends\nto use the proceeds from the private placement to accelerate the\nprocessing of gold at its Granada Gold Property near Rouyn-Noranda,\nQuébec in order to process a fixed amount of gold-bearing material,\nbeing 75,000 ounces over 36 months, and for working capital. The\nCompany believes that it can accelerate the processing of gold at the\nGranada Gold Property in this manner without undue dilution to the\nholders of the Company’s common shares.\n \n \n \n \n The Class A Redeemable Preferred Shares will be\nredeemable 36 months from the closing date of the proposed private\nplacement, subject to the right of the Company to advance the\nredemption date in its discretion. Holders of Class A Redeemable\nPreferred Shares will have an option to redeem their shares for a gold\ncredit if the Company produces at least 25,000 ounces of gold from the\nGranada Gold Property within 36 months from the closing date of the\nprivate placement. Holders of Class A Redeemable Preferred Shares who\nhave not elected to redeem their shares in the form of a gold credit\nwill have their Class A Redeemable Preferred Shares automatically\nredeemed by the Company for cash, based on the...

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