Business
Galleon Gold Announces Brokered Private Placement for up to C$5.0 Million with Participation by Eric Sprott and Concurrent Share Consolidation
Toronto, Ontario--(Newsfile Corp. - February 9, 2022) - Galleon Gold Corp. (TSXV: GGO) (the "C...
About this update from Galleon Gold Corp
[{"type":"text","content":"Galleon Gold Announces Brokered Private Placement for up to C$5.0 Million with Participation by Eric Sprott and Concurrent Share ConsolidationToronto, Ontario--(Newsfile Corp. - February 9, 2022) - Galleon Gold Corp. (TSXV: GGO) (the \"Company\" or \"Galleon Gold\") is pleased to announce that it has entered into an agreement with Red Cloud Securities Inc. (the \"Agent\") to act as sole agent and bookrunner in connection with a best efforts private placement for gross proceeds of up to C$5,000,000 (the \"Offering\") and its intention to complete a consolidation of its issued and outstanding common shares immediately prior to the closing of the Offering on the basis of ten (10) existing common shares for one (1) post consolidation common share (the \"Consolidation\"). The Offering will be comprised of the sale of any combination of the following:units of the Company (each, a \"Unit\") at a pre-Consolidation price of C$0.05 per Unit (C$0.50 post- Consolidation);flow-through units of the Company (each, a \"FT Unit\") at a pre-Consolidation price of C$0.055 per FT Unit (C$0.55 post-Consolidation); andFT Units to be sold to charitable purchasers (each, a \"Charity FT Unit\") at a pre-Consolidation price of C$0.07 per Charity FT Unit. (C$0.70 post-Consolidation)Eric Sprott has indicated his intention to subscribe in the Offering.The Units, FT Units and Charity FT Units shall collectively be referred to as the \"Offered Securities\". Each Unit will consist of one common share of the Company (each a \"Unit Share\") and one half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each FT Unit and Charity FT Unit will consist of one common share of the Company to be issued as a \"flow-through share\" within the meaning of the Income Tax Act (Canada) (each, a \"FT Share\") and one half of one Warrant. Each Warrant shall entitle the holder to purchase one common share of the Company (each, a \"Warrant Share\") at a pre-Consolidation price of C$0.075 (C$0.75 post-Consolidation) at any time on or before that date which is 24 months after the closing date of the Offering. The Agent will have an option, exercisable in full or in part up to 48 hours prior to the closing of the Offering, to sell up to an additional C$1,000,000 in any combination of Offered Securities at the offering prices (the \"Agent's Option\"). Proceeds ...