Galleon Gold Announces Closing of Private Placement
Galleon Gold Announces Closing of Private
Placement
Toronto, Ontario--(Newsfile Corp. - December 29, 2023) -
Galleon Gold Corp.
(TSXV: GGO) (the
"
Company
") is pleased to announce that it has closed a non-brokered private placement for aggregate
gross proceeds of C$275,000 through the issuance of 1,833,333 flow-through units (the "
FT Units
") at
a price of C$0.15 per FT Unit (the "
Offering
").
Each FT Unit consists of one common share of the Company and one-half of one common share
purchase warrant (each whole warrant, a "
Warrant
"), each issued as a "flow-through share" within the
meaning of the
Income Tax Act
(Canada) (the "
Act
"
). Each Warrant entitles the holder to acquire an
additional common share at a price of C$0.20 for a period of 24 months expiring on December 29,
2025.
The Company intends to use the proceeds raised from the Offering for the exploration and advancement
of the Company's West Cache Gold Project in Timmins, Ontario. Proceeds from the sale of the FT Units
will be used to incur "Canadian exploration expenses" as defined in subsection 66.1(6) of the Act and
"flow-through mining expenditures" as defined in subsection 127 (9) of the Act. Such proceeds will be
renounced to the subscribers with an effective date not later than December 31, 2023, in the aggregate
amount of not less than the total amount of gross proceeds raised from the issuance of FT Units.
The securities comprising FT Units issued with respect to the Offering, will be subject to a hold period of
four months and one day in accordance with applicable securities laws. The Offering is subject to the
final acceptance of the TSX Venture Exchange.
This news release does not constitute an offer of securities for sale in the United States. The securities
being offered have not been, nor will they be, registered under the United States
Securities Act of 1933
,
as amended, and such securities may not be offered or sold within the United States absent U.S.
registration or an applicable exemption from U.S. registration requirements.
About Galleon Gold
Galleon Gold is an advanced exploration and development company focused on the West Cache Gold
Project in Timmins, Ontario.
The West Cache Gold Project is located 7 km northeast of Pan American
Silver's Timmins West Mine and 14 km southwest of Newmont's Hollinger Mine.
A 2022 Preliminary
Economic Assessment (PEA) for the project demonstrates strong economics, accordingly the Company
is permitting for an 86,500-tonne underground bulk sample.
For further information:
Galleon Gold
R. David Russell
Chairman and CEO
T. (416) 644-0066
www.galleongold.com
Investor Relations
Harbor Access
Graham Farrell
T. (416) 842-9003
Forward-Looking Statements
This news release contains certain "forward looking statements", as defined under applicable Canadian
securities laws, that reflect the current views and/or expectations of Galleon Gold with respect to its long-
term strategy, proposed work, plans, bulk sample program and other reports including the PEA for its
projects.
Forward-looking statements are based on the then-current expectations, beliefs, assumptions,
estimates and forecasts about the business and the markets in which Galleon Gold operates.
Some of
the statements contained herein may be forward-looking statements which involve known and unknown
risks and uncertainties.
Without limitation, statements regarding potential mineralization and resources,
exploration results, expectations, plans, and objectives of Galleon Gold are forward-looking statements
that involve various risks.
The following are important factors that could cause Galleon Gold's actual
results to differ materially from those expressed or implied by such forward-looking statements: changes
in the world-wide price of mineral commodities, general market conditions and uncertainty of access to
additional capital, risks inherent in mineral exploration, delays in the receipt of government approvals,
risks associated with development, construction, mining operations and third party contractor activities,
risks related to unanticipated events related to health, safety and environmental matters. There can be no
assurance that forward-looking statements will prove to be accurate as actual results and future events
may differ materially from those anticipated in such statements.
Galleon Gold undertakes no obligation to
update such forward-looking statements if circumstances or management's estimates or opinions should
change.
The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Not for distribution to United States Newswire Services or for dissemination in the United States
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/192776