Galore Postpones Filing Q4 Statements Due to COVID-19 Pandemic and Provides Update ON Its Non-Brokered Private Placement
GRI: TSX-V
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
July 22, 2020
GALORE POSTPONES FILING Q4 STATEMENTS DUE TO COVID-19 PANDEMIC and PROVIDES
UPDATE ON ITS NON-BROKERED PRIVATE PLACEMENT
Vancouver, B.C., Galore Resources Inc. ("Galore" or the "Company") (TSX-V: GRI) has postponed filing its
annual financial statements, management's discussion and analysis, and officer certificates for the year ended March 31,
2020, due to logistics and delays caused by the COVID-19 pandemic.
Galore is relying on exemptive relief recently granted by Canadian securities regulatory authorities which allows it to
delay the filing of its annual document s required by National Instrument 51 -102 by July 29, 2020. In response to the
coronavirus disease 2019 pandemic, securities regulatory authorities in Canada have granted a blanket exemption
allowing issuers an additional 45 days to complete their regulatory filings.
Galore estimates that its 2020 annual documents will be available for filing at its earliest opportunity, which is expected
to occur on or before September 1 1, 2020 . Until such time as the 2020 annual documents are filed, Galore’s
management and other insiders are subject to a trading blackout that reflects the principles contained in section 9 of
National Policy 11-207 - Failure-to- File Cease Trade Orders and Revocations in Multiple Jurisdictions.
There have been no material business develo pments since the date of the last interim financial statements for the third
quarter ended December 31, 2019 , filed on March 2, 2020, however, the Company has issued news releases subsequent
to March 2, 2020, copies of which are available on SEDAR at www.sedar.com
Further to its news release of May 12, 20209, wherein it had announced plans to conduct a non -brokered private
placement financing for up to 6,666,668 units at a price of $0.03 per unit to raise gross proceeds of up to $200,000, the
Company advises it is c ontinuing to collect subscriptions from investors. The Company has received conditional
acceptance of the TSX Venture Exchange and plans to submit documentation and announce a closing on a first tranche of
the financing in the next few days. Completion and closing on a second tranche is expected to occur in the next 30 days.
Each unit (a “Unit”) will consist of one common share and one share purchase warrant. Each warrant will be exercisable
into one additional common share at a price of CAD $0.05 per share for a period of five years from the date of closing of
the financing.
The proceeds of the offering will be used for continued work at El Alamo and resume work at Los Gemelos, as well as
for general operating purposes.
The private placement sha ll be subject to acceptance by the TSX Venture Exchange and all securities issued will be
subject to a 4 month hold period from the date of issuance. Closing of the Offering is subject to receipt of all necessary
corporate and regulatory approvals, including approval of the TSX Venture Exchange
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.