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.