Grande Portage Raises $3.8 Million In Private Placement

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.

Grande Portage Resources last traded at $0.71 on the TSX Venture.

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