Grande Portage Launches Private Placement to Fund New Amalga Mine Project

Grande Portage Resources Ltd., a mining firm, has announced a non-brokered private placement of up to 10 million units at C$0.30 each, targeting gross proceeds of C$3 million. The financing, under the LIFE Exemption, is open to Canadian residents and some international jurisdictions. Each unit includes one common share and a warrant, with the latter allowing purchase of an additional share for C$0.45 within 24 months.

The company aims to utilize funds for exploration and development of its New Amalga Mine project in Alaska and general working capital. The first closing is anticipated on November 12, 2024. Red Cloud Securities Inc. will receive a 7% cash commission and warrants for its role.