Business
Grande Portage Closes C$5Million Equity Raise
Not for distribution to United States newswire services or for dissemination in the United States. VANCOUVER, BC / ACCESS Newswire / December 9, 2025...
About this update from Grande Portage Resources Ltd.
[{"type":"text","content":"Not for distribution to United States newswire services or for dissemination in the United States.","length":98,"tagName":"p"},{"type":"text","content":"VANCOUVER, BC / ACCESS Newswire / December 9, 2025 / Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) ("Grande Portage" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement offering of 20,000,000 units of the Company (the "Units") at a price of $0.25 per Unit for aggregate gross proceeds of C$5,000,000 (the "Offering") with Mr. Eric Sprott, through 2176423 Ontario Ltd., as the sole subscriber. Each Unit consists of one common share (a "Common Share") and one-half of one common share purchase warrant, with each whole warrant (a "Warrant") being exercisable to purchase one Common Share at a price of $0.35 per Common Share for a period of two (2) years from the date of grant.","length":818,"tagName":"p"},{"type":"text","content":"The Company intends to use the net proceeds raised from the Offering for exploration and development of the New Amalga Gold deposit as well as general working capital. The securities issued under the Offering will be subject to a four month hold period that expires on April 10, 2026. Closing of the Offering is subject to customary closing conditions, including final approval of the TSX Venture Exchange (the "TSXV"). In addition, Mr. Sprott will covenant not to exercise any of the Warrants if such exercise will result in him holding in excess of 19.99% of the outstanding Common Shares of the Company, until the Company has obtained the shareholder approval for him to become a new Control Person (as such term is defined in the policies of the TSXV).","length":766,"tagName":"p"},{"type":"text","content":"Mr. Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 20,000,000 Units pursuant to the Offering for total consideration of $5,000,000. Prior to the Offering, Mr. Sprott beneficially owned or controlled 15,000,000 Common Shares, representing approximately 9.5% of the outstanding Common Shares of the Company. Following closing of the Offering, Mr. Sprott beneficially owns or controls 35,000,000 Common Shares and 10,000,000 Warrants, representing approximately 19.7% of the outstand...