Business
Galleon Gold Closes Second Tranche of Private Placement
Toronto, Ontario--(Newsfile Corp. - December 21, 2022) - Galleon Gold Corp. (TSXV: GGO) (the "Company") is pleased to announce that in connection with its previ
About this update from Galleon Gold Corp
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - December 21, 2022) - Galleon Gold Corp. (TSXV: GGO) (the \"Company\") is pleased to announce that in connection with its previously announced first tranche closing of a private placement 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\"), it has closed a second tranche (the \"Second Tranche\") consisting of the issuance of 80,000 FT Units. Aggregate gross proceeds of C$1,849,661 from both tranches of the Offering consisted of the sale of (i) 583,334 Units and (ii) 6,575,620 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 from the date of issuance. Red Cloud Securities Inc. acted as a finder in connection with the Second Tranche and received an aggregate cash commission of C$1,248 and 4,800 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 21, 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 FT Units and any Finders Warrants is...