Galore Announces Updates Re: the 2020 Annual & Special Meeting of Shareholders and Reduction of Debt to Shares
GRI: TSX-V
Mailing Address: 19141 Stone Oak Pkwy #104 | San Antonio, TX, USA | 78258 | Tel: (210) 860 -9212 | Fax: (604) 648-8894
www.galoreresources.com
FOR IMMEDIATE RELEASE November 25, 2020
GALORE ANNOUNCES UPDATES RE: THE 2020 ANNUAL & SPECIAL MEETING OF
SHAREHOLDERS AND REDUCTION OF DEBT TO SHARES
Vancouver, B.C., Galore Resources Inc. (TSX-V: GRI) announces that the Company’s Annual and
Special General Meeting of shareholders, scheduled for Tuesday, December 22, 2020 (10:30am Pacific
Standard Time) is being held by teleconference in order to proactively deal with the unprecedented public
health impact of the Coronavirus (COVID -19) and mitigate potential risks to shareholders. Shareholders
will not be able to attend the Meeting in person and voting is required in advance of the Meeting by
proxy. Call in details can be found in the Company’s circular material which is posted on the Company’s
website and on SEDAR.com.
At the Meeting, the Company will be seeking shareholder approval to provide authority to the Company’s
Board of Directors to, if they deem it appropriate , implement a consolidation of the common shares of
the Company on the basis of up to a maximum of ten (10) pre -consolidated common shares then issued
and outstanding, for one (1) post consolidated common share, or such lesser number of pre-consolidated
common shares as may be approved by the Board in its sole discretion. The proposed Consolidation shall
be subject to the receipt of any required regulatory approvals, including, if applicable, the approval of the
TSX-V.
Notwithstanding approval of the proposed Consolidation by shareholders, the Board, in its sole discretion,
may revoke the resolution and abandon the Consolidation without further approval or action by or prior
notice to shareholders . The Company does not in tend to change its name in conjunction with the
consolidation. Ratification of previously granted incentive stock options will also be presented to
Shareholders for approval, along with other annual general business.
In preparation of certain initiatives being considered by the Company, management believes that it would
be in the best interests of the shareholders to approve the Consolidation. As at the record date of the
Meeting, there are 132,798,998 Common Shares issued and outstanding, 27,928,668 Warrants outstanding
and 16,150,000 outstanding stock options under the Company’s Stock Option Plan (“SOP”). Assuming
the Board of Directors applies the maximum ratio for the Consolidation and based on the issued and
outstanding Common Sha res and stock options as at the Record Date, the number of issued and
outstanding Common Shares after completion of the Consolidation w ould be 13,279,899 Common
Shares, 2,792,866 Warrants and 1,615,000 stock options, respectively.
In its news release dated October 23, 2020 regarding a proposed conversion of debt to shares for
settlement of a portion of outstanding historical management fees, the share price at the date of the news
release conflicted with the shares for debt agreements executed with Company’s management. As the
Company’s current share price is now in line with the proposed debt settlement price, the Company
confirms its intention to proceed with its application for TSX Venture Exchange acceptance to the
settlement of an aggregate CAD$165,000.00 by the issuance of a total of 6,600,000 common shares at a
price of CAD$0.025 per share.
The shares for debt settlement shall be subject to acceptance by the TSX -V and all securities issued will
be subject to a 4-month hold period from the date of issuance.
GRI: TSX-V
Mailing Address: 19141 Stone Oak Pkwy #104 | San Antonio, TX, USA | 78258 | Tel: (210) 860 -9212 | Fax: (604) 648-8894
www.galoreresources.com
Please contact Mike McMillan, CEO by telephone (210) 860 -9212 (USA) or by email to:
[email protected] should you have any questions or comments.
We thank our many stockholders, and prospective investors, for your continued support.
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 Ven ture Exchange)
accepts responsibility for the adequacy or accuracy of this release.