Business
Galleon Gold Announces Sale of Non-Core Ontario Properties
Toronto, Ontario--(Newsfile Corp. - August 24, 2021) - Galleon Gold Corp. (TSXV: GGO) (the "Co...
About this update from Galleon Gold Corp
[{"type":"text","content":"Galleon Gold Announces Sale of Non-Core Ontario PropertiesToronto, Ontario--(Newsfile Corp. - August 24, 2021) - Galleon Gold Corp. (TSXV: GGO) (the \"Company\" or \"Galleon Gold\") is pleased to announce it has entered into an agreement (the \"Agreement\") to sell its non-core Kidd and Carnegie properties (the \"Properties\") located in the Province of Ontario to a private company, 11530313 Ontario Inc. (\"11530313\") and Noble Mineral Exploration Inc., a publicly traded company listed on the TSXV under the symbol \"NOB\" (\"Noble\", together, the \"Buyers\"). Pursuant to the terms of the Agreement, for the sale of 100% ownership of the Properties, 11530313 will pay $250,000 and Noble will issue to the Company 2,000,000 common shares of Noble (the \"Noble Shares\"), to each obtain a 50% ownership of the Properties. The sale of the Properties is expected to be completed by mid-September 2021.The transaction is subject to the approval of the TSX Venture Exchange. The Noble Shares will be subject to a hold period of four months and a day under applicable Canadian securities laws.Note from the CEO of Galleon GoldR. David Russell CEO and President of Galleon Gold commented, \"We are very pleased that we have reached an arrangement with Noble that consolidates their land holdings in the Kidd and Carnegie townships and provides a platform for a broader exploration play. We look forward to becoming Noble shareholders and participating in the advancement of these properties, and other Noble holdings, through our equity interest.\" About Galleon Gold Galleon Gold is a North American exploration and development company. Eric Sprott holds approximately 23% of the Company's outstanding common shares and is also the Company's partner on the Neal Gold Project in Idaho. A Preliminary Economic Assessment is currently underway for the Company's flagship project, the West Cache Gold Project, located 13 km from Timmins, Ontario.For further information:Galleon GoldR. David RussellChairman and CEOT. (416) [email protected] StatementsSome of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties, including statements made regarding the expected timing and completion of the sale of the Properties. Without limitation, statements regarding pot...