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VANCOUVER, Dec. 5 /CNW/ - Grande Portage Resources Ltd. (TSX-V GPG) ("Grande Portage" or "the Company") is pleased to announce that it proposes to complete a non-brokered private placement of up to 1,700,000 flow-through units of the company at a price of $0.06 per FT Unit, each FT Unit consisting of one flow-through common share and one-half of a transferable non flow-through common share purchase warrant for gross proceeds of up to $102,000.
Each whole Warrant will entitle the holder to purchase one additional non flow-through common share at an exercise price of $0.10 per share for a period of two (2) years from the closing date of the Financing provided that if at any time after four months and one day following the Closing Date, the Company's shares close at a price of $0.50 per share or higher for at least thirty (30) consecutive trading days during the exercise period, then the Company may accelerate the expiry time to 30 calendar days from the date express written notice is provided by the Company to the Warrant holder by way of registered mail, or thereafter the unexercised Warrant will be forfeited and terminated. The closing of the offering is expected to occur on or about Dec. 12, 2008.
The flow-through proceeds raised in this offering will be used for Canadian exploration expenditures (as defined in the Income Tax Act (Canada)) and will be renounced for the 2008 taxation year. The proposed issuance of units is subject to the completion of formal documentation and receipt of regulatory approval, including the conditional approval of the TSX Venture Exchange.
It is anticipated that certain officers, directors and insiders of the company may subscribe under the private placement.
About Grande Portage Resources Ltd. -----------------------------------
Grande Portage Resources Ltd. is a mineral exploration and development company focused on massive sulphide exploration in British Columbia. Grande Portage is operated by experienced managers and professionals who have been effective in discovery, mine development, and mining operations throughout North and South America, Africa, Europe, and Central Asia. The Company is well financed with no debt. More information is available online at www.grandeportage.com
ON BEHALF OF THE BOARD OF DIRECTORS ----------------------------------- Alistair MacLennan, Chairman
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE