Business
Grande Portage Resources Ltd. Acquires Equity Position in Nexstar Energy Ltd.
VANCOUVER, Sept. 11 /CNW/ - Grande Portage Resources Ltd. (TSX-V "GPG") ("Grande Portage" or "the...
About this update from Grande Portage Resources Ltd.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Sept. 11 /CNW/ - Grande Portage Resources Ltd. (TSX-V "GPG")\n("Grande Portage" or "the Company") is pleased to announce that it has\nacquired from an arm's length seller 10,000,000 free trading common shares in\nNexstar Energy Ltd. ("Nexstar") (TSX-V "NXE.A") at a price of $0.15 per share\nfor an aggregate investment of $1.5 million. These shares represent about 11%\nof the current total issued common shares of Nexstar, or about 7.7% on a fully\ndiluted basis. Grande Portage will hold the shares for investment purposes.\n\n\nThe investment of these funds in Nexstar is in accordance with Grande\nPortage's plan to invest in advanced staged exploration/development projects.\n\n\nNexstar Energy is an emerging junior oil company focused on the drilling\nof multi-zone light sweet crude oil prospects in its core areas of west and\ncentral Alberta. Nexstar currently holds an inventory in excess of 40 Cardium\nlight oil drilling locations in the Pembina area with working interests\nvarying between 20.68% and 60.00%. Nexstar's current objective is to achieve\norganic production growth and enhance shareholder value through the drilling\nand completion of multiple horizontal wells. To date, the Company has\nsuccessfully completed its first two horizontal wells.\n\n\nAbout Grande Portage Resources Ltd.\n\n\n-----------------------------------\n\n\nGrande Portage Resources Ltd. is a mineral exploration and development\ncompany focused on massive sulphide exploration in British Columbia. Grande\nPortage is operated by experienced managers and professionals who have been\neffective in discovery, mine development, and mining operations throughout\nNorth and South America, Africa, Europe, and Central Asia. The Company is well\nfinanced with no debt. More information is available online at\nwww.grandeportage.com.\n\n\nON BEHALF OF THE BOARD OF DIRECTORS\n\n________________________________________\nIan Klassen, President\n\n\nStatements about the Company's future expectations and all other\nstatements in this press release other than historical facts are "forward\nlooking statements". Such forward-looking statements are based on numerous\nassumptions, and involve known and unknown risks, uncertainties and other\nfactors, including risks inherent in mineral exploration a...