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Galleon Gold Announces Closing of First Tranche of Private Placement
Toronto, Ontario--(Newsfile Corp. - December 14, 2022) - Galleon Gold Corp. (TSXV: GGO) (the " ...
About this update from Galleon Gold Corp
[{"type":"text","content":"Galleon Gold Announces Closing of First Tranche of Private PlacementToronto, Ontario--(Newsfile Corp. - December 14, 2022) - Galleon Gold Corp. (TSXV: GGO) (the \"Company\") is pleased to announce that it has closed a first tranche of a non-brokered private placement for aggregate gross proceeds of C$1,828,861 through the issuance of a combination of units (the \"Units\") at a price of C$0.24 per Unit and flow-through units (the \"FT Units \") at a price of C$0.26 per FT Unit (the \"Offering\"). This first tranche consisted of the sale of (i) 583,334 Units and (ii) 6,495,620 FT Units.Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each FT Unit consists of one common share of the Company and one-half of one Warrant, each issued as a \"flow-through share\" within the meaning of the Income Tax Act (Canada) (the \"Act\"). Each Warrant entitles the holder to acquire an additional common share at a price of C$0.45 for a period of 24 months expiring on December 14, 2024.BlackBridge Capital Management Corp. and Red Cloud Securities Inc. are acting as finders in connection with the Offering and received an aggregate cash commission of C$90,952 and 350,199 non-transferable compensation warrants (each a \"Finder Warrant\"). Each Finder Warrant entitles the holder to acquire one common share at an exercise price of C$0.24 for a period of two years expiring on December 14, 2024.The Company intends to use the proceeds raised from the Offering for the exploration and advancement of the Company's West Cache Gold Project in Timmins, Ontario as well as for general working capital purposes. Proceeds from the sale of the FT Units will be used to incur \"Canadian exploration expenses\" as defined in subsection 66.1(6) of the Act and \"flow-through mining expenditures\" as defined in subsection 127 (9) of the Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2022, in the aggregate amount of not less than the total amount of gross proceeds raised from the issuance of FT Units.The Company may complete one or more additional tranches of the Offering up to a maximum aggregate amount of C$3 million. The securities comprising the Units and FT Units and any Finders Warrants issued with respect t...