VANCOUVER, Dec. 19 /CNW/ - Grande Portage Resources Ltd. (TSX-V GPG) ("Grande Portage" or "the Company") is pleased to announce that it has completed its non-brokered private placement of 1,700,000 flow-through units of the company at a price of $0.06 per FT Unit. Each FT Unit consists of one flow-through common share and one-half of a transferable non flow-through common share purchase warrant at an exercise price of $0.10 cents per share on or before December 18, 2010.
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 securities are subject to resale restrictions expiring April 19, 2009.
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.
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