Galore Announces a Non-Brokered Private Placement, Bonus Agreement and Approval of Debt Settlement
GRI: TSX-V
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
FOR IMMEDIATE RELEASE October 6, 2021
GALORE ANNOUNCES A NON-BROKERED PRIVATE PLACEMENT, BONUS
AGREEMENT AND APPROVAL OF DEBT SETTLEMENT
Vancouver, B.C., Galore Resources Inc. (TSX-V: GRI) is pleased to announce that that it has arranged
a non-brokered private placement to rais e gross proceeds of up to CDN $ 800,000.00 (the “Financing”).
The private placement will consist of up to 22,857,142 common shares (“Shares”) at a price of $0.035 per
Share.
Funds raised from this Financing will be used for further exploration, permitting, and commencement of a
drill program at the San Jose claim, just east and adjoining the El Alamo claim drilled back in 2019.
Funds will also be used for further exploration on other claims at Galore’s Dos Santos project , as well as
for general operating purposes. All securi ties issued will be subject to hold periods required under
applicable securities laws, which will expire four months plus one day from the date of closing of the
Financing (“Closing”). Closing is subject to receipt of all necessary corporate and regulator y approvals,
including approval of the TSX-V.
Investors who wish to participate in the Financing are asked to ple ase contact Mike McMillan, CEO by
telephone (210) 860 -9212 (USA) or by email to: [email protected] in order to re ceive
subscription documents and instructions. The Financing will remain open until October 15, 2021.
Bonus Shares
The Company has entered into an agreement with an arm’s length third party for the payment of a bonus
(“Bonus Agreement”) in consideration for assisting the Company in establishing new business contacts
and aiding in various negotiations in Mexico relating to ongoing administration of the Company’s
projects. Under the Bonus Agreement, the Company has agreed to issue 500,000 common shares , subject
to TSX Venture Exchange acceptance.
Debt Settlement
Further to t he Company ’s news release of September 9, 2021, the Company has now received TSX
Venture Exchange acceptance to the conversion of debt to shares, pursuant to TSX -V Exchange Policy
4.3. The debt settlement was conducted as a means of continuing to reduce the Company’s debt by
diminishing a portion of outstanding historical management fees. The Company has issued an aggregate
2,200,000 common shares at a price of CAD$0.025 per share to settle CAD $55,000.00 of debt and
confirms such debt is now extinguished. The shares issued in settlement of this debt are subject to a 4 -
month hold period which expires January 30, 2022.
About Galore Resources
Galore Resources is a mineral exploration and development company whose focus is to make and develop
significant mineral discoveries, which are supported by a sustainable business model. Our goal is to discover a
world-class gold and silv er deposit in Mexico. Our flagship project is in the heart of the Concepcion del Oro
(2)
Mailing Address: 19141 Stone Oak Pkwy #104 | San Antonio, TX, USA | 78258 | Tel: (210) 860-9212 | Fax: (604) 648-8894
www.galoreresources.com
Mining District, the Dos Santos Project. This project covers two historic gold zones and has the potential to host
bulk tonnage gold-silver deposits based on past drilling, trenching and a recent airborne geophysical survey.
ON BEHALF OF THE BOARD
“Michael McMillan”
President and CEO
To find out more about Galore Resources (TSX.V:GRI) please contact: Mike McMillan at (210) 860-9212 (USA)
Please 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.
This news release includes “forward -looking statements” and “forward -looking information” within the meaning of
Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are
forward-looking statements. Forward-looking statements include predictions, projections and forecasts and are often, but
not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "targe t",
"budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be
achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements in this news release include, but are not limited to, statements with respect to the
expectations of management regarding the pr oposed Financing, the expectations of management regarding the use of
proceeds of the Financing, closing conditions for the Financing, the expiry of hold periods for securities distributed
pursuant to the Financing, use of proceeds of the Financing and TSX -V approval of the proposed Financing. Forward-
looking statements are based on a number of assumptions and estimates that, while considered reasonable by
management based on the business and markets in which Galore Resources operates, are inherently subject to significant
operational, economic, and competitive uncertainties, risks and contingencies. There can be no assurance that such
statements will prove to be accurate and actual results, and future events could differ materially from those anticip ated in
such statements. Important factors that could cause actual results to differ materially from the Company's expectations
include: that the Company may not complete the Financing on terms favourable to the Company or at all; that the TSX -V
may not approve the Financing; that the proceeds of the Financing may not be used as stated in this news release; actual
exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as
plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general
economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required
approvals, and other exploration or othe r risks detailed herein and from time to time in the filings made by the Company
with securities regulators, including those described in the Company’s most recently filed MD&A. The Company does not
undertake to update or revise any forward-looking statements, except in accordance with applicable law.