Granada Gold Mine Closes $2.95 Million Private Placement
Rouyn Noranda, Q.C. — February 18, 2026 — Leads & Copy — Granada Gold Mine Inc. has closed its previously announced $2.5 million private placement financing, increasing the size of the offering to issue a total of 58,949,400 units at a price of C$0.05 per unit for aggregate gross proceeds of C$2,947,470.
Each unit comprises one common share of the company and one common share purchase warrant. Each warrant entitles the holder to purchase an additional share at a price of $0.075 per common share for a period of five years from the date of issuance. The securities to be issued under the offering, including the shares underlying the warrants, will be subject to a hold period of four months and one day under applicable Canadian securities laws and the policies of the TSXV. The offering remains subject to the approval of the TSXV.
In connection with the offering, the company will pay finders fees to certain qualified and approved finders, in cash totaling C$137,130 and issue a total of 2,742,600 non-transferable share purchase warrants as permitted under the rules of the TSX Venture Exchange. Each finder’s warrant will be exercisable at a price of C$0.07 per share for a period of five years from the date of issue.
The net proceeds of the offering will be used for a resource update, exploration and general corporate purposes for the company’s Granada Gold Property, near Rouyn-Noranda, Quebec.
Mr. Fank Basa, an insider of the company, acquired 4,000,000 units, representing 6.8% of the units sold under the offering. The insider’s participation in the offering was considered a “related party transaction” pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. The company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the insiders’ participation in the private placement pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the units to be issued to, nor the consideration paid by the insiders exceeded 25% of the company’s market capitalization.
On August 22, 2022, the company filed an updated NI 43-101 technical report supporting the resource estimate update for the Granada Gold project, reporting that the Granada deposit contains an updated mineral resource, at a base case cut-off grade of 0.55 g/t Au for pit constrained mineral resources within a conceptual pit shell and at a base case cut-off grade of 2.5 g/t for underground mineral resources within reasonably mineable volumes, of 543,000 ounces of gold (8,220,000 tonnes at an average grade of 2.05 g/t Au) in the Measured and Indicated category, and 456,000 ounces of gold (3,010,000 tonnes at an average grade of 4.71 g/t Au) in the Inferred category.
Granada Gold Mine Inc. continues to develop and explore its 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, and is adjacent to the prolific Cadillac Break. The company owns 14.73 square kilometers of land in a combination of mining leases and claims. The company is currently undergoing a large drill program with 20,000m out of 120,000m complete.
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 twenty-two mineralized structures trending east-west over five and a half kilometers. Three of these structures were mined historically from four shafts and three open pits. Historical underground grades were 8 to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open pit grades from 3.5 to 5 grams per tonne gold.
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 1930’s from two shafts before a fire destroyed the surface buildings. In the 1990s, Granada Resources extracted a bulk sample (Pit #1) of 87,311 tonnes grading 5.17 g/t Au. They also extracted a bulk sample (Pit # 2) of 22,095 tonnes grading 3.46 g/t Au.
Source: Granada Gold Mine Inc.
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