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Grande Portage Resources Announces C$2.5M Equity Financing - Crescat Capital to Invest as Lead
Vancouver, British Columbia--(Newsfile Corp. - May 20, 2021) - Grande Portage Resources Ltd. ...
About this update from Grande Portage Resources Ltd.
[{"type":"text","content":"Grande Portage Resources Announces C$2.5M Equity Financing - Crescat Capital to Invest as LeadVancouver, British Columbia--(Newsfile Corp. - May 20, 2021) - Grande Portage Resources Ltd. (TSXV: GPG) (\"Grande Portage\" or \"the Company\") is pleased to announce that it has arranged, subject to the acceptance of the TSX Venture Exchange (\"TSX-V\"), a non-brokered private placement of up to 5,208,333 units (the \"Units\") for gross proceeds of up to $2,500,000 (the \"Offering\"). The private placement offering will be priced at $0.48 per Unit, and each Unit will consist of one (1) common share in the capital of the Company and one-half (½) of a share purchase warrant (the \"Warrants\"). Each whole Warrant will be exercisable at an exercise price of $0.72 to purchase one additional common share for a period of 24 months following the closing date. All subscriptions for Units are anticipated to be completed and accepted by the Company on or before June 7th, 2021. Crescat Portfolio Management LLC and its related investment funds (dba \"Crescat Capital) will be the lead investor under the Offering.\"Grande Portage is building a solid high-grade resource at Herbert,\" commented Quinton Hennigh, technical advisor to Crescat Capital. \"We find it an exceptional opportunity to get into a solid growing gold project in an environment where high quality resources are going to be aggressively sought by miners. Grande Portage has aggressive plans to drill this year, exactly what is needed to quickly build this resource into something that is simply too enticing for a host of suitors to resist. We are delighted to be a part of this story.\"Ian Klassen, Grande Portage's CEO remarked, \"We are delighted to welcome the Crescat Capital team as one of our newest shareholders. Crescat has earned an eviable reputation as leaders in the natural resources sector. We look forward to working hard, expanding the Herbert deposit and enhancing shareholder value\".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. All securities issued will be subject to a four month hold period which will expire on the date that is four months and one da...