Galore Resources Announces Ongoing Efforts ON Debt Reduction / Shares FOR Debt Settlement
GRI: TSX-V
GALOF: OTCQB
Mailing Address: 2701 Little Elm Parkway, Suite 100 #512 | Little Elm, Texas, USA | 75068
Tel: (210) 860-9212 | Fax: (604) 648-8894 | www.galoreresources.com
FOR IMMEDIATE RELEASE May 10, 2024
GALORE RESOURCES ANNOUNCES ONGOING EFFORTS ON DEBT REDUCTION /
SHARES FOR DEBT SETTLEMENT
Vancouver, B.C., Galore Resources Inc. (TSX-V: GRI) (OTCQB: GALOF) announces that
the Company’s Board of Directors has authorized management to proceed with an arrangement
for the settlement of CDN$226,205.00 (the “Debt”) owed to the President and Chief Executive
Officer of the Company (the “Creditor”). The Debt is in relation to a personal loan made by the
Creditor in April, 2019, plus all interest accrued to date. The Debt will be settled by the issuance
of a total of 11,310,250 common shares (“Shares”) at a deemed price of $0. 02 per Share. The
Shares will be subject to a 4 month plus one day hold period from the date of issuance. This
transaction is subject to approval of the TSX Venture Exchange.
The parties acknowledge and agree that the Debt is a bona fide debt owed by the Company to the
Creditor and the Creditor has agreed to accept such number of Shares in full satisfaction of the
Debt.
The decision to enter into this debt settlement was made in order that the Company be able to
continue to find ways to preserve cash for project development and improve the Company’s
balance sheet.
On behalf of the Board, we wish to assure our Shareholders that we take all matters relating to
continued reduction of the Company’s debt seriously and are dealing with them in the best proper
manner with the guidance of qualified legal experts.
Respectfully yours,
Michael McMillan,
President and Chief Executive Office
For Further Information about Galore Resources,
Please visit the Company's website at www.galoreresources.com or contact the Company's Chief
Financial Officer and Vice-President of Corporate Communications, Drew McMillan, by
telephone (210-325-7971) or e-mail ([email protected]).
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
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Mailing Address: 2701 Little Elm Parkway, Suite 100 #512 | Little Elm, Texas, USA | 75068
Tel: (210) 860-9212 | Fax: (604) 648-8894 | www.galoreresources.com
goal is to discover a world -class gold deposit in Mexico. Our flagship project is located in the
heart of the Concepcion del Oro Mining District, the Dos Santos Project, which covers two known
historic gold zones , is on trend with Newmont’s Penasquito Mine, and based on past drilling,
trenching, and an airborne geophysical survey, has the potential to host several bulk tonnage gold
deposits.
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.
CAUTIONARY STATEMENT REGARDING FORWARD -LOOKING INFORMATION: 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 "anticip ate",
"believe", "plan", "estimate", "expect", "potential", "target", "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 Company’s ability to obtain TSX Venture Exchange acceptance to the debt settlement, the ability of the
Company continue to reduce outstanding debts, to continue to raise funds in order to recommence ore extraction activities at its
Duraznillo project, conduct drill programs at its Mexican mineral properties and the timing thereof, the prospective deposits, targets
and mineralization at the properties and the anticipated receipt and timing of necessary governmental or third-party approvals and
permits.
Such forward-looking information reflects management’s current beliefs and is based on a number of estimates and assumptions
made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown
risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed
or implied by such forward-looking information. Readers are cautioned that such forward-looking information is neither a promise
nor guarantee, and is subject to known and unknown risks and uncertainties including, but not limited to, delays in obtaining
governmental or third party approvals and permits, actual results of exploration activities, unanticipated geologic formation s,
structures and characteristics, environmental risks, future prices of base and other metals, operating risks, accidents, labo r issues,
and other risks in the mining industry as well as general business, economic, competitive, political and social uncerta inties,
uncertain and volatile equity and capital markets and lack of available capital. In addition, there is uncertainty about the spread of
COVID-19 and variants of concern and the impact they will have on the Company’s operations, supply chains, abilit y to access
mineral properties, conduct due diligence or procure equipment, contractors and other personnel on a timely basis or at all a nd
economic activity in general. All forward -looking information contained in this news release is qualified by these c autionary
statements and those in our continuous disclosure filings available on SEDAR + at www.sedarplus.ca. For OTCQB quotes and
filings, please visit www.otcmarkets.com. Accordingly, readers should not place undue reliance on forward -looking information.
The Company disclaims any intention or obligation to update or revise any forward -looking information, whether as a result of
new information, future events or otherwise, except as required by law.