Granada investor Canada Silver acquires 11.45 M shares
Canada Silver Cobalt Works Inc. owns 11,454,000 shares of Granada Gold Mine Inc., equal to 8.34 per cent of the issued and outstanding share capital. The shares were acquired through private placements and on the open market.
The common shares were acquired by Canada Silver for investment purposes.
About Granada Gold Mine Inc.
Granada Gold Mine continues to develop and explore its 100-per-cent-owned Granada gold property near Rouyn-Noranda, Que., which is adjacent to the prolific Cadillac break.
The company owns 14.73 square kilometres of land in a combination of mining leases and claims. The company is currently undergoing a large drill program with 30,000 metres (m) out of 120,000 m complete. The drills are currently paused to provide the technical team with the necessary time to evaluate and assimilate existing data.
The Granada shear zone and the South shear zone contain, based on historical detailed mapping, as well as from current and historical drilling, up to 22 mineralized structures trending east-west over 5.5 kilometres. Three of these structures were mined historically from four shafts and three open pits. Historical underground grades were eight to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open-pit grades from 3.5 to five grams per tonne gold.
Mineral resource estimate
On March 15, 2021, the company released an updated National Instrument 43-101 resource estimate for the Granada gold project with a combined total of 713,000 gold ounces of measured, indicated and inferred. This estimate contains 351,000 gold ounces of combined measured, indicated and inferred for the open pit and 362,000 gold ounces of combined measured, indicated and inferred for the underground.
The property includes the former Granada gold underground mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930s from two shafts before a fire destroyed the surface buildings. In the 1990s, Granada Resources extracted a bulk sample (pit No. 1) of 87,311 tonnes grading 5.17 grams per tonne gold. It also extracted a bulk sample (pit No. 2) of 22,095 tonnes grading 3.46 grams per tonne gold.
- Published in Canada Cobalt Works, Granada Gold Mine, Mining
Usha Resources Engages Investing News Network
Usha Resources Ltd. (“USHA” or the “Company”) (TSXV:USHA)(OTCQB:USHAF) is pleased to announce that it has entered into an advertising and investor awareness campaign agreement (the “Agreement“) with Dig Media Inc. dba Investing News Network (“INN“). INN is a private company headquartered in Vancouver, Canada, dedicated to providing independent news and education to investors since 2007.
INN will introduce the Company to INN’s audience of educated, active investors. Using a variety of methods including an Enhanced Advertiser Profile, News Marketing, website and newsletter advertising and dedicated emails, INN will encourage its audience to engage directly with the Company to consider investing in the Company. INN does not provide investor relations or market-making services as defined by TSX Venture Exchange (the “TSXV“) policies. The engagement is subject to acceptance by the TSXV.
Under the terms of the Agreement with INN, the Company has agreed to pay INN $29,000 for the campaign, payable in cash in installments of $4,833.33 per month. INN currently holds 96,667 common shares in the Company.
“We are very pleased to be working with INN to expand our audience,” stated Deepak Varshney, P.Geo., CEO of the Company. “With their experience in the mining industry and our portfolio of nickel, copper, and gold assets, we are confident that they will be able to help increase awareness of Usha Resources as we move forward into a very exciting year ahead.”
About Usha Resources Ltd.
Usha Resources Ltd. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada. Usha is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Northwest Ontario, Canada and the Lost Basin Gold Mining District in Mohave County, Arizona, U.S.A. Usha increases shareholder value through the acquisition and exploration of quality precious and base metal properties and the application of advanced state-of-the-art exploration methods. Usha’s portfolio of strategic properties provides diversification and mitigates investment risk.
We seek Safe Harbor.
USHA RESOURCES LTD.
“Deepak Varshney” CEO and Director
For more information, please phone James Berard, Investor Relations, at 778-228-2314, email jberard@usharesources.com, or visit www.usharesources.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
- Published in Mining, News Home, Usha Resources
Sonoro Announces Closing of $3,000,000 Private Placement and Commencement of 10,000 Meter Drilling Program
Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce the closing of its previously announced non-brokered private placement of 16,666,667 units (the “Units”) at $0.18 per unit, for aggregate gross proceeds of $3,000,000 (the “Offering”). Each Unit consists of one Sonoro Common Share and one Share Purchase Warrant. Each warrant entitles the holder to purchase one additional Sonoro Common Share for a period of two years from the closing date at an exercise price of $0.30 per share.
All securities issued and issuable in connection with the Offering will be subject to a 4-month plus one day hold period ending April 21, 2022. The Offering has received conditional acceptance from the TSX Venture Exchange but remains subject to receipt of final approval from the TSX Venture Exchange.
In connection with the Offering, the Company entered into finder’s fee agreements with iA Capital Markets, PI Financial Corp., Haywood Securities Inc., IBK Capital Corp. and GloRes Securities Inc. (collectively, the “Finders” and each, a “Finder”) pursuant to which the Company paid to each Finder:
- at the election of the Finder, either a cash finder’s fee or Units equal to a maximum 7% of the gross proceeds raised from subscribers introduced to the Company by the Finder, and
- non-transferable finder’s warrants (the “Finder’s Warrants”) equal in number to 7% of the gross proceeds raised from subscribers introduced to the Company by the Finder. Each Finder’s Warrant entitles the Finder to purchase one common share in the capital of the Company at a price of $0.30 for a period of two years following the closing of the Offering.
In total, the Company paid $47,420.30 in Finder’s fees and 263,447 in non-transferable Finder’s Warrants.
Directors and Officers of the Company participated in the Offering by subscribing for 3,011,461 Units, constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25% of the Company’s market capitalization.
The net proceeds from the Offering will be used primarily to fund a 10,000-meter drilling campaign now underway at the Company’s Cerro Caliche Gold Project in Sonora, Mexico and will also be used for concession maintenance and general working capital.
As announced on October 25, 2021, the drilling program will focus on expanding the project’s oxide gold mineralization included in the updated Resource Estimate announced September 15, 2021, as well as the potential higher-grade targets recently identified by a surface sampling program. Previously announced sample assay results returned grades between 2.5 and 14.3 grams of gold per tonne and revealed multiple oxide gold mineralized “windows” with strong stockwork quartz veining and broad zones of gold and silver mineralization. Drilling will also focus on extending mineralization in the southeast region of the concession that was excluded from the updated resource estimate due to lack of required drilling density.
Sonoro’s President and CEO, Kenneth MacLeod, stated, “We are excited to have commenced the next phase of drilling and anticipate another successful program. The wealth of technical data amassed to date suggests the potential to increase the resource within the project’s known mineralized structures as well as the potential for higher grade and extended mineralized structures identified through scout drilling and surface sampling.”
Sonoro’s Chairman of the Board, John Darch, added, “I believe participation by Sonoro’s directors and officers for over 18% of the current financing is a clear demonstration of our confidence in the success of the Cerro Caliche Project. I am also very pleased we have resumed drilling and are assessing the potential for higher-grade near-surface gold and silver mineralization. Increasing the size and grade of the resource could potentially extend the life of the proposed Heap Leach Mining Operation (HLMO) thereby materially improving the economics for the conceptual 15,000 tonnes per day HLMO.”
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development Company holding the near-development-stage Cerro Caliche project and the exploration-stage San Marcial project in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO GOLD CORP. | |
Per: | “Kenneth MacLeod” |
Kenneth MacLeod | |
President & CEO |
For further information, please contact:
Sonoro Gold Corp. – Tel: (604) 632-1764
Email: info@sonorogold.com
- Published in Mining, News Home, Sonoro Gold
Usha Resources Closes Non-Brokered Private Placement and Raises $1,889,130.80 in Quarter
Usha Resources Ltd. (“USHA” or the “Company”) (TSXV:USHA)(OTCQB:USHAF) is pleased to announce that, subject to final approval of the TSX Venture Exchange (the “TSXV“), it has closed the final tranche of its non-brokered private placement (the “Private Placement“). In total, 3,414,335 units (the “Units“) were issued at $0.30 per Unit in both tranches raising gross proceeds of $1,024,300.40.
Each Unit consists of one common share (a “Share“) in the capital of the Company and one-half of one transferable Share purchase warrant (each whole warrant a “Warrant“) with each whole Warrant exercisable at $0.45 per Share for a period of two (2) years from the date of closing of the Private Placement, subject to an accelerated expiry if the closing trading price of the Company’s Shares is greater than $0.75 per Share for a period of 10 consecutive trading days (the “Acceleration Event“), the Company will give notice to the holders of the Acceleration Event and the warrants will expire 30 days thereafter.
All securities issued in the Private Placement are subject to a four-month and one-day hold period and the TSXV hold period. The Company paid finders’ fees totaling $43,421.01 cash and 144,737 non-transferable finder warrants (the “Finder Warrants“) to PI Financial Corp., Haywood Securities Inc., and Raymond James Ltd. in accordance with applicable securities laws in total in both tranches of the Private Placement. The Finder’s Warrants are exercisable on the same terms as the Warrants issued in the Private Placement.
The Company has now raised $1,889,130.80 in the current quarter inclusive of the gross proceeds from Warrants exercised during the quarter, greatly strengthening its balance sheet moving forward as it continues to develop its Lost Basin Gold-Copper Project located in Mohave County, Arizona through ongoing exploration.
The Company also wishes to advise that further to its previous news release, it continues to work with the vendors to close its acquisition of 1236598 B.C. Ltd. (“1236“) through a share exchange agreement (the “Share Exchange Agreement“). 1236has an option to acquire a 100% interest in a Copper-Cobalt Property (the “Property“) located in Silver Bow and Madison Counties, Montana, subject to a 2% net smelter returns royalty, where over 10,000 metres of historical drilling, including by majors such as BHP, Cominco, Homestake, Phelps Dodge and Rio Tinto, have identified the following drill and trench results[1]:
- 1.2% copper, 0.036% cobalt, and 200 ppb gold over 11.7 metres of massive sulfides
- 0.15% to 0.3% cobalt and up to 1.14% copper over 96.3 metres (note, only 1 ft was assayed for every 10 ft)
- 1.8% copper and 450 ppb gold over 1.25 metres
- 19.0% zinc over 0.7 metres
- 19.8% zinc over 0.4 metres
- Up to 4.7% copper, 0.07% cobalt, and 2.3 g/t gold in trenches
“We are very pleased with the outcome of our fundraising efforts in the quarter,” stated Deepak Varshney, P.Geo., CEO of the Company. “The proceeds will provide the Company with excellent financial footing and flexibility as we move into 2022. We are grateful for the ongoing support and very much look forward to an exciting year ahead.”
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Dean Besserer, P.Geol., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Usha Resources Ltd.
Usha Resources Ltd. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada. Usha is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Northwest Ontario, Canada and the Lost Basin Gold Mining District in Mohave County, Arizona, U.S.A. Usha increases shareholder value through the acquisition and exploration of quality precious and base metal properties and the application of advanced state-of-the-art exploration methods. Usha’s portfolio of strategic properties provides diversification and mitigates investment risk.
We seek Safe Harbor.
USHA RESOURCES LTD.
“Deepak Varshney” CEO and Director
For more information, please phone James Berard, Investor Relations, at 778-228-2314, email jberard@usharesources.com, or visit www.usharesources.com.
- Published in Mining, News Home, Usha Resources
Glen Eagle Resources Announces Shares for Debt
Glen Eagle Resources Inc. (the “ Corporation ”) (TSXV:GER) (OTC:GERFF) is pleased to announce that it agreed to issue 4,045,066 Shares (the ” Debt Shares “) on a “shares-for-debt” basis in settlement of debts of $250,000 (the ” Debt “) owing to Mr. Eric Sprott and Mr. Denis Lavigueur (the “ Creditors ”). The Debt Shares are being issued at a deemed price of $0.0821 per share, in accordance with the policies of the TSX Venture Exchange (the ” TSX-V “).
The issuance of the Debt Shares to the Creditors will constitute a “related party transaction” within the meaning of the TSX-V Policy 5.9 (the ” Policy “) and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (” MI 61-101 “) adopted in the Policy. The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the Debt Shares, nor the Debt, exceeds 25% of the Company’s market capitalization (as determined under MI 61-101).
The issuance of the Debt Shares is subject to the approval of the TSX-V. Any Debt Shares issued will be subject to a hold period which will expire on the date that is four months and one day from the date of issue.
ABOUT GLEN EAGLE RESOURCES INC.
Glen Eagle Resources Inc. is a small producer and an exploration company of precious metals in Canada and the central America area.
For more information, please contact:
Jean Labrecque
President
1-514-808-9807
- Published in Glen Eagle, Mining, News Home
Glen Eagle Selling $1 Million Dollars of Dore, Including 2000 Ounces of Silver
Glen Eagle Resources (TSXV:GER) (OTC:GERFF) (“Glen Eagle” the “Company”, or “GER”) is pleased to announce that from September to year end, the Company will have sold approximately CDN $1,000,000 dollars in dore bars and projecting to double its sales in Q1-2022 based on the feed and grade discovered at La Esperanza II. The values intersected are summarized for the first time in the table below and detailed in prior News Releases dated November 24 and December 9, 2021.
COO Karl Trudeau comments “Having been in Honduras recently to look at Cobra Oro operations, I was pleased by the ergonomics of the plant and its future potential as the inventory of spare parts is slowly being replenished, lowering the risk of plant failures. Some challenges are still lying ahead, but I remain confident that the company will be successful at turning around several aspects of its business, including a very positive ramp up operation still in progress at its gold processing facility in Southern Honduras.”
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
- Published in Glen Eagle, Mining, News Home