ROUYN NORANDA, QC, Feb. 11, 2019 /CNW/ - Granada Gold Mine Inc. (TSXV: GGM) (OTCPK: GBBFF) (Frankfurt: B6D) (the "Company" or "Granada") announces that further to its news release dated February 5, 2019, the Company will be distributing its fourth and final annual dividend of 2,500,000 Canada Cobalt Works Inc. ("Canada Cobalt") units on February 25, 2019, to its shareholders on a pro rata basis with a record date of February 20, 2019, subject to TSX Venture Exchange approval. The Canada Cobalt units to be distributed are subject to applicable withholding taxes.
Each unit is comprised of one common share in the capital of Canada Cobalt and one common share purchase warrant, with each warrant entitling the holder to acquire one common share of Canada Cobalt on or before September 15, 2019 at an exercise price of $0.10 per common share.
The distribution of the Canada Cobalt units to the Company's shareholders of record will be distributed on a pro rata basis in accordance with the following terms:
- The 2,500,000 Canada Cobalt units will be distributed on February 25, 2019.
- The ex-dividend date will be February 19, 2019 - from this date and forward, new shareholders will not receive the dividend.
- The holder-of-record date will be February 20, 2019 – the date on which the shareholders who are to receive the dividend are recognized.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. is continuing to develop the Granada Gold Property near Rouyn-Noranda, Quebec. The property includes the former Granada gold mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930's before a fire destroyed the surface buildings. Approximately 120,000 meters of drilling has been completed to date on the property, focused mainly on the extended LONGBARS zone which trends 2 kilometers east west over a potential 5.5 kilometers mineralized structure. The highly prolific Cadillac Trend, the source of 50 million plus ounces of gold production in the past century, cuts right through the north part of the Granada property on a line running from Val-d'Or to Rouyn-Noranda Quebec.
The Company is in possession of all permits required to commence the initial mining phase known as the "Rolling Start", which allows the company to mine up to 550 tonnes per day, capable of producing up to 675,000 tonnes of ore over a 3-year period of time. Additional information is available at www.granadagoldmine.com.
"Frank J. Basa"
Frank J. Basa P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Granada Gold Mine Inc.
For further information: Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or [email protected]