Business
Galleon Gold Announces Private Placement of Convertible Debentures
Toronto, Ontario--(Newsfile Corp. - July 2, 2025) -  Galleon Gold Corp. (TSXV: GGO) (FSE: 3H...
About this update from Galleon Gold Corp
[{"type":"text","content":"Galleon Gold Announces Private Placement of Convertible DebenturesToronto, Ontario--(Newsfile Corp. - July 2, 2025) -  Galleon Gold Corp. (TSXV: GGO) (FSE: 3H90) (the \"Company\" or \"Galleon Gold\") announces that it has initiated a non-brokered private placement offering of unsecured convertible debentures (the \"Debentures\") at a price of $50,000 per Debenture for gross proceeds of up to C$7,000,000 (the \"Offering\"). Eric Sprott and management will be subscribing to the Offering.The OfferingThe Debentures will have a term of 36 months (the \"Term\") from the date of issuance, bear interest at a rate of 8.0% per annum payable in cash or Common Shares at the option of the investor at the end of the Term and be convertible into common shares of the Company (the \"Common Shares\") at $0.30 per share (the \"Conversion Price\"). At any time during the Term, each holder of Debentures may elect to convert any portion of the principal amount of the Debentures into Common Shares at the Conversion Price. If an investor exercises the Debentures prior to the end of the Term the accrued interest to that date will be payable in Common Shares and the price will be based on the higher of the average closing price of the last 20 trading days or the closing market price.Insiders of the Company will be participating in the Offering. The participation of the insiders in the Offering will constitute a \"related party transaction\" for the purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is exempt from the requirements to obtain a formal evaluation or minority shareholder approval in connection with the insider participation in reliance on sections 5.5 (a) and 5.7 (1) (a) of MI 61-101, as neither the fair market value of the securities issued, nor the fair market value of the consideration for the securities issued will exceed 25% of the Company's market capitalization as calculated in accordance with MI 61-101. 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 and for general working capital purposes. Finders' fees consisting of a 6% cash commission and 6% non-transferrable finders' warrants will be paid in connection with the Offering. Each ...