Galleon Gold Announces Warrant Extension
Galleon Gold Announces Warrant Extension
Toronto, Ontario--(Newsfile Corp. - May 28, 2021) - Galleon Gold Corp. (TSXV: GGO) (the "Company"
or "Galleon Gold") announces that the Company will be extending the exercise period of a total of
1,416,667 share
purchase warrants, all of which are exercisable at $0.12 per share (collectively, the
"
Warrants
"). The Warrants were issued pursuant to a private placement which closed over two tranches
in June and July 2019. The Company proposes to extend the expiry dates for all Warrants by one (1)
year, and accordingly, the new expiry dates for the Warrants are as follows:
Tranche 1
: For Warrants issued on June 17, 2019, the new expiration date of those Warrants will
be June 17, 2022.
Tranche 2:
For Warrants issued on July 22, 2019, the new expiration date for those Warrants will
be July 22, 2022.
All other terms and conditions of the Warrants remain unchanged. The Warrant extension is subject to
acceptance by the TSX Venture Exchange.
A total of 250,000 Warrants are held by a party who is considered to be a "related party" of the
Company. Therefore, the amendment of Warrants constitutes a "related party transaction" as
contemplated by Multilateral Instrument 61-101
Protection of Minority Shareholders in Special
Transactions
, and TSV Policy 5.9 -
Protection of Minority Shareholders Special Transactions.
However, the exemptions from formal valuation and minority approval requirements provided for these
guidelines can be relied upon as the fair market value of the Warrants does not exceeds 25% of the
market valuation of the Company. A material change report in respect to this related party transaction will
be filed by the Company.
About Galleon Gold
Galleon Gold is a North American exploration and development company. Eric Sprott holds
approximately 23% of the Company's outstanding common shares and is also the Company's partner on
the Neal Gold Project in Idaho. A Preliminary Economic Assessment is currently underway for the
Company's flagship project, the West Cache Gold Project, located 13 km from Timmins, Ontario.
For further information:
Galleon Gold
R. David Russell
Chairman and CEO
T. (416) 644-0066
www.galleongold.com
Forward-Looking Statements
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, risks inherent in
mineral exploration, risks associated with development, construction and mining operations, the
uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional
capital. 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/85733