Grande Portage Completes First Closing of Private Placement

Grande Portage Resources Ltd. has successfully completed the first closing of its non-brokered private placement. The Vancouver-based company announced the sale of 3,470,000 units at C$0.30 each, totaling gross proceeds of C$1,041,000. The offering adheres to the Listed Issuer Financing Exemption for Canadian and other jurisdictions, with most investors participating under this exemption.

Each unit comprises one common share and one warrant, allowing the purchase of an additional share at C$0.45 until November 13, 2026. One company director engaged in the offering, a related party transaction exempt from minority shareholder approval requirements.

The proceeds will be used for exploring their Amalga project in Alaska and addressing general working capital needs. The offering may close in multiple tranches, pending necessary approvals.