Grande Portage Resources Ltd. Closes Non-Brokered Private Placement
Grande Portage Resources Ltd. is pleased to announce that it has closed its non-brokered private placement, which was initially announced on June 3, 2025, and upsized on June 5, 2025. The company sold 22,500,000 Units priced at $0.20 per Unit, resulting in aggregate gross proceeds of $4,500,000.
Details of the Offering
The Offering was carried out pursuant to Part 5A of National Instrument 45-106 – Prospectus Exemptions (the "LIFE Exemption") to purchasers resident in Canada, other than Quebec, and in jurisdictions outside of Canada in compliance with the applicable securities laws of those jurisdictions. An offering document related to this Offering can be accessed under Grande Portage’s profile at www.sedarplus.com and on the Company’s website at https://grandeportage.com. All investors participating in the closing subscribed for Units under the LIFE Exemption, and the Units issued pursuant to the LIFE Exemption are not subject to any statutory hold period in Canada.
Units and Warrants
Each Unit consists of one common share in the capital of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to acquire one additional Common Share at an exercise price of C$0.26 per Common Share for a period of three years after closing and are subject to a four-month hold period which will expire on the date that is four months and one day from the date of issue. No insiders participated in the Offering.
Payment of Finders’ Fees
The Company will pay an aggregate of $263,550 in cash and issue 1,317,750 non-transferable Finders Warrants in connection with this offering. Each Finder’s Warrant entitles the holder to acquire one common share of the Company at $0.20 per share for 36 months from the date of closing. All finder’s fees are subject to compliance with applicable securities legislation and TSX Venture Exchange policies.
Use of Proceeds
Grande Portage intends to use the net proceeds of the Offering for furthering the exploration and development of its New Amalga Gold project in Alaska, as well as general working capital purposes.
About the New Amalga Gold Project
The New Amalga Gold project is situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% interest in the New Amalga Gold project. The project lies prominently within the 160km long Juneau Gold Belt, which has produced over seven million ounces of gold. The Company’s updated NI 43-101 mineral resource estimate reported at a base case cut-off grade of 2.5 grams per tonne gold (g/t Au) consists of an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes); and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes).
Cautionary Statement
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company’s filings with Canadian securities regulators.
Conclusion
In conclusion, Grande Portage Resources Ltd. has successfully closed its non-brokered private placement, raising $4,500,000 in aggregate gross proceeds. The company plans to use the net proceeds to further explore and develop its New Amalga Gold project in Alaska. With a strong mineral resource estimate and a prominent location within the Juneau Gold Belt, the company is well-positioned for future growth and success.
