Grande Portage Resources (TSXV: GPG) this evening announced that it has upsized its previously announced equity financing being lead by Crescat Capital. The financing was upsized due to strong investor demand following the initial announcement.
Under the terms of the new financing, the size of funding is to increase from $2.5 million to that of $3.25 million, with total units to be sold increasing to just under 6.8 million. Each unit of the financing contains one common share and one half of a 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 financing are to be used for the advancement of the Herbert Gold property in Alaska, as well as for general working capital purposes.
The financing is expected to close June 7, 2021.
Grande Portage Resources last traded at $0.54 on the TSX Venture.
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