Galore Continues Efforts on Completion of a Non-Brokered Private Placement
FOR IMMEDIATE RELEASE July 15, 2016
GALORE CONTINUES EFFORTS ON COMPLETION OF A NON-BROKERED PRIVATE PLACEMENT
Vancouver, B.C., Galore Resources Inc. (TSX-V: GRI) announces that further to its news releases dated April 11, 2016, and May 16, 2016, the Company is continuing its efforts to implement a non-brokered private placement to raise gross proceeds of up to CDN $500,000 (the “Offering”). The private placement will consist of up to 20,000,000 units at a price of $0.025 per unit (the “Units”), with each Unit consisting of one common share and one share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional common share of the Company for a period of five years following closing of the Offering, at a price of $0.05 in the first year, $0.06 in the second year, $0.07 in the third year, $0.08 in the fourth year and $0.09 in the fifth year.
Warrants will be subject to an accelerated expiry provision upon the occurrence of a triggering event (the “Trigger Event”). A Trigger Event shall occur when the closing price for the Company’s common shares on the TSX Venture Exchange is greater than double the warrant exercise price per share (in each given year) for a period of ten consecutive trading days. On the occurrence of a Trigger Event, at any time after four months from the date of the issue of the Warrants, the Company may, within ten days of such a Trigger Event (but is not required to do so), shorten the term of the Warrants by giving thirty days notice to the holders by way of a news release, in which case the Warrants shall expire within thirty days of the date of dissemination of the news release.
All the securities issued pursuant to this private placement will be subject to a four-month hold period. Completion of the Offering is subject to receipt of all required regulatory and other approvals, including acceptance by the TSX Venture Exchange. The Offering is not subject to any minimum aggregate subscription.
In addition to any other exemptions available, participation in the financing is also open to existing shareholders of Galore, who as of the close of business on July 13, 2016 (“Record Date”), held common shares of Galore (and who continue to hold common shares of Galore at the time of closing), pursuant to the prospectus exemptions set out in B.C. Instrument 45-534 and in similar instruments in other provinces of Canada. In accordance with the Existing Shareholder Exemption, the Company confirms there is no material fact or material change related to the Company, which has not been generally disclosed.
Any existing shareholder who wishes to participate in the Offering is asked to please contact Mike McMillan, CEO @ (210) 860-9212 (USA) or by email to: [email protected] in order to receive subscription documentation and instructions. The Offering will remain open to existing shareholders until July 29, 2016.
Unless the Company decides to increase the gross proceeds of the Offering and receives Exchange approval for such increase and subscriptions received for the Offering based on all available exemptions exceed the maximum Offering amount of $500,000.00 subscriptions will be accepted at the discretion of the Company. If the Offering is over-subscribed, subscriptions pursuant to the Existing Shareholder
#1100 - 1111 Melville Street | Vancouver, BC, Canada | V6E 3V6 | Tel: (604) 647-2298 | Toll Free: 1 (877) 647-2298 Fax: (604) 648-8894 | [email protected] | www.galoreresources.com P a g e | 2
Exemption will be pro-rated among the existing shareholders in accordance with their respective shareholdings on the Record Date.
Proceeds of the Offering will be used to maintain and preserve the Company’s existing operations, activities and assets and for working capital purposes. Up to $50,000.00 of the proceeds of the current financing may be used to discharge accrued liabilities due to Related Parties.
Galore Resources is a British Columbia-based exploration company with promising exploration properties in Mexico and British Columbia.
GALORE RESOURCES INC.
“Mike McMillan”
CEO and Director
To find out more about Galore Resources (TSX.V:GRI) please contact:
Mike McMillan at (210) 860-9212 (USA) / Uwe Schmidt at (604) 647-2298 (CAN) / Toll Free: 1 (877) 647-2298
OR visit our website at www.galoreresources.com or contact us at [email protected]
Neither the 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.