Business
Galactic Gold Announces Closing of Final Tranche of Private Placement for Gross Proceeds of C$2 Million
Vancouver, British Columbia--(Newsfile Corp. - May 15, 2026) - Galactic Gold Corp. (TSXV: GGAU) ("Galactic Gold" or the "Company") is pleased to announce the
About this update from Galactic Gold Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - May 15, 2026) - Galactic Gold Corp. (TSXV: GGAU) (\"Galactic Gold\" or the \"Company\") is pleased to announce the closing of the second and final tranche (the \"Second Tranche\") of its previously announced non-brokered private placement (the \"Private Placement\") of common shares in the capital of the Company (the \"Common Shares\") originally announced on April 7, 2026. The first tranche of the Private Placement (the \"First Tranche\") closed on April 29, 2026. Under the Second Tranche, the Company issued 1,080,000 Common Shares at a price of C$0.25 per share, for gross proceeds of C$270,000. Combined with the First Tranche, the Company issued a total of 8,230,000 Common Shares under the Private Placement, for gross proceeds of C$2,057,500. All securities issued under the Private Placement are subject to a statutory hold period of four months, in accordance with applicable Canadian securities laws. In connection with the Second Tranche, the Company paid cash finder's fees of C$1,500 to certain eligible finders on a portion of the Private Placement, in accordance with the policies of the TSX Venture Exchange. The Private Placement remains subject to final acceptance of the TSX Venture Exchange. Certain insiders of the Company participated in the Offering and subscribed for an aggregate of 240,000 Common Shares for gross proceeds of C$60,000. Such participation constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements under Sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as neither the fair market value of the securities issued to, nor the consideration paid by, such insiders exceeds 25% of the Company's market capitalization. The Company intends to use the proceeds from the Private Placement for exploration activities related to the Hardrock West property, working capital and general corporate purposes. None of the securities sold under the Private Placement have been or will be, registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any state securities laws, and accordingly, may not be offer...