Granada Gold Mine Closes Oversubscribed Private Placement Financing

Core Viewpoint - Granada Gold Mine Inc. has successfully closed a private placement financing of C$2.5 million, increasing the offering size to C$2,947,470 through the issuance of 58,949,400 Units at C$0.05 per Unit [1][2]. Financing Details - Each Unit consists of one common share and one purchase warrant, allowing the holder to buy an additional share at C$0.075 for five years [2]. - The offering is subject to a four-month hold period and requires approval from the TSX Venture Exchange (TSXV) [2]. Finder's Fees - The Company will pay finders fees totaling C$137,130 and issue 2,742,600 Finder's Warrants, which can be exercised at C$0.07 per share for five years [3]. Use of Proceeds - Net proceeds from the offering will be allocated for a resource update, exploration, and general corporate purposes related to the Granada Gold Property [4]. Insider Participation - An insider, Mr. Fank Basa, acquired 4,000,000 Units, representing 6.8% of the total Units sold, which is classified as a related party transaction [4]. Mineral Resource Estimate - The updated mineral resource estimate for the Granada Gold project indicates 543,000 ounces of gold in the Measured and Indicated category and 456,000 ounces in the Inferred category [5][6]. Exploration Activities - The Company is actively developing its 100% owned Granada Gold Property, which spans 14.73 square kilometers, and is currently conducting a drill program with 20,000 meters completed out of a planned 120,000 meters [7]. Historical Context - The property includes the former Granada Gold underground mine, which produced over 50,000 ounces of gold at historical grades of 10 grams per tonne [9].