- Grande Portage Resources (TSXV:GPG) is preparing to raise up to C$3.15 million, $3 million of which will come from Canadian billionaire Eric Sprott
- In a non-brokered private placement, the company intends to issue up to 10.5 million units at a price of 30 cents each
- Each unit will be comprised of one common share and half of one common share purchase warrant, exercisable at a price of 45 cents
- The proceeds will be used primarily to expand an exploration program at the company’s Herbert gold project
- Grande Portage Resources (GPG) is up 37.14 per cent and is trading at 48 cents per share
Grande Portage Resources (TSXV:GPG) is preparing to raise up to C$3.15 million, $3 million of which will come from Canadian billionaire Eric Sprott.
Under the structure of a non-brokered private placement, the Vancouver-based mineral exploration company intends to issue up to 10.5 million units at a price of 30 cents each. These units will be comprised of one common share and half of one common share purchase warrant.
Each whole warrant will entitle the holder to acquire an additional common share at a price of 45 cents for a period of 18 months from the date of issuance.
At this stage, Eric has already subscribed for a total of ten million units under the offering.
The proceeds raised will be used to fund the expansion of an exploration program at the company’s Herbert gold project in the Juneau Gold Belt of southeast Alaska.
Ian Klassen, President and CEO of Grande Portage Resources, said he is pleased to welcome Eric as a key shareholder in the company.
“His investment makes him the largest single investor in the company and is a strong endorsement of our ongoing efforts to increase our gold resource at the Herbert Gold project in southeast Alaska where we are currently conducting a drill program,” he added.
Comprised of 91 unpatented lode claims roughly 25 kilometres north of Juneau and to the south of Couer Alaska’s profitable Kensington gold mine, the Herbet gold project covers six parallel vein structures that are exposed at surface.
According to a mineral resource estimate released in early May 2019, the project hosts indicated resource of 606,500 ounces of gold at an average grade of 10.03 grams per tonne of gold.
Grande Portage Resources (GPG) is up 37.14 per cent and is trading at 48 cents per share at 9:55am EDT.