Grande Portage Resources (TSXV: GPG) yesterday announced the closing of their previously announced financing. The financing saw the company raise total proceeds of $3.8 million via series of tranches.
Under the terms of the financing, a total of 7.8 million units of the company were sold at a price of $0.48 per unit. Each unit contained one common share and one half of a common share purchase warrant. Each warrant is valid for a period of two years from the date of issuance and contains an exercise price of $0.72 per share.
Proceeds from the offering are to be used for exploration activities at the firms Herbert Gold project in Alaska, as well as for general corporate purposes.
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Grande Portage Resources last traded at $0.71 on the TSX Venture.
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