Galileo Exploration Ltd. announces private placement and provides corporate update.
Galileo Exploration Ltd. Page 1 of 2
News Release
GALILEO EXPLORATION LTD
TSXV – GXL.v
June 13 th, 2017
Galileo Exploration Ltd. announces private placement and provides corporate
update.
Galileo Exploration Ltd. (TSX Venture Exchange–Symbol: GXL) (the “Company”) has arranged a
non-brokered private placement for gross proceeds o f $500,000. The non-brokered private
placement will consist of 4,000,000 units (“Units”) at a price of $0.125 per Unit, for gross
proceeds of $500,000 (the “Private Placement”).
Each Unit will consist of one common share of the C ompany and one common share purchase
warrant. Each Warrant will be exercisable by the ho lder to purchase one common share of the
Company at a price of $0.175 for 18 months from the date of issuance.
Subject to regulatory approvals, the Company may pa y to arm’s length finders a finder’s fee
consisting of up to 7% of the amount raised by Find ers in cash, and finder’s warrants up to 7%
of the number of units sold by Finders under the Pr ivate Placement. Each finder’s warrant
(“Finder’s Warrant”) will entitle the holder thereo f to acquire one common share of the
Company at an exercise price of $0.175 for 18 months from the closing date.
The Warrants and Finder’s Warrants are both subject to the following acceleration clause: if
the closing trading price of the shares on the TSX Venture Exchange (the “Exchange”) (or such
other stock exchange on which the shares may be lis ted) is at or greater than $0.50 per
common share for any 10 consecutive trading days at any time commencing four (4) months
after the Closing Date, the Company may accelerate the expiry date of the Warrants by giving
notice to the holders thereof and, in such case, the Warrants will expire on the earlier of (a) the
60 th day after the date on which such notice is given by the Company and (b) the original expiry
date of the Warrants. Any notice to be given by the Company to the Subscriber hereunder may
be given to the Subscriber at the facsimile number or email address of the Subscriber indicated
on the cover page of the Subscription Agreement.
Galileo Exploration Ltd. Page 2 of 2
News Release
Corporate Update
Mr. Ron Rieder, President and CEO noted: “Looking f orward to the next 6 to 12 months, we
anticipate final approvals for our recently announc ed Majuba Hill Copper project and we have
set aside property option spending requirements for year one.
Consultants are identified and set to begin the 201 7 exploration program, with applications for
drilling permits completed and awaiting submission to the proper authorities upon the
Exchange’s confirmation of final approval. Further details of the 2017 Galileo exploration
initiatives will be released as soon as possible.
Gary Nordin, our consulting geologist, returned recently from a trip to Nevada, where he visited
several properties Galileo is in the process of rev iewing. The recommendations received from
Mr. Nordin are under consideration by the Company, and funds raised through this financing
may be used to secure option or joint venture agreements.”
In addition to the financing, the board of director s of Galileo has approved the issuance of
200,000 stock options to its consultants and adviso rs at $0.15 per stock option, valid for a
period of 3 years, vesting 25% quarterly, beginning with the first 25% vesting immediately.
ON BEHALF OF GALILEO EXPLORATION LTD.
“Ron Rieder”
Ronald A. Rieder
CEO/President
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 News Release. This news release has been p repared by management and no regulatory
authority has approved or disapproved the information contained herein.