Business
Galleon Gold Announces Interest Payment on Convertible Debentures
Toronto, Ontario--(Newsfile Corp. - November 17, 2025) - Galleon Gold Corp. (TSXV: GGO) (FSE: 3...
About this update from Galleon Gold Corp
[{"type":"text","content":"Galleon Gold Announces Interest Payment on Convertible DebenturesToronto, Ontario--(Newsfile Corp. - November 17, 2025) - Galleon Gold Corp. (TSXV: GGO) (FSE: 3H90) (the \"Company\" or \"Galleon Gold\") announces that under the terms of the convertible debentures (the \"Convertible Debentures\") issued on April 12, 2024, April 19, 2024 and April 29, 2024 (see news releases dated April 12, 19, and 29, 2024) it has elected to satisfy its obligation to pay interest accrued by issuing common shares (the \"Common Shares\").Under the terms of the Convertible Debentures, no fractional Common Shares will be issued upon payment of the interest obligation. The Common Shares will be priced based on the greater of the Market Price (as defined in the policies of the TSXV) and the 15-day volume-weighted average closing price of the Common Shares on the TSXV preceding the applicable interest payment date. The issuance of Common Shares in payment of interest remains subject to the approval of the TSX Venture Exchange (the \"Exchange\"). The Common Shares to be issued in respect of the Interest Payment will be subject to a hold period of four months from the date of issuance.Convertible Debentures issued on April 12, 2024 and April 19, 2024 An aggregate of $87,012.74 in interest accrued on the Convertible Debentures will be satisfied by issuing to such debenture holders for the interest payment due April 12, 2025 and April 19, 2025 an aggregate of 134,998 common shares of the Company. Convertible Debentures issued on April 29, 2024An aggregate of $45,211.64 in interest accrued on the Convertible Debentures will be satisfied by issuing to such debenture holders for the interest payment due April 29, 2025 an aggregate of 67,637 common shares of the Company. Certain officers and an insider and of the Company are holders of the Convertible Debentures. As a result, the Interest Payment is considered to be a \"related party transaction\" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Interest Payment in respect of this individual is exempt from the minority approval and formal valuation requirements of MI 61-101 pursuant to subsections 5.5(b) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the debt, nor the fair market value of the shares to be issued in settle...