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Galleon Gold Completes Neal Project Acquisition with Eric Sprott and Announces Results of AGSM
Eric Sprott's Ownership of Galleon Gold Increases to 21.45% Toronto, Ontario--(Newsfile Corp. - ...
About this update from Galleon Gold Corp
[{"type":"text","content":"Galleon Gold Completes Neal Project Acquisition with Eric Sprott and Announces Results of AGSMEric Sprott's Ownership of Galleon Gold Increases to 21.45%Toronto, Ontario--(Newsfile Corp. - June 15, 2023) - Galleon Gold Corp. (TSXV: GGO) (the \"Company\" or \"Galleon Gold\") is pleased to announce that it has closed the previously announced transaction (the \"Transaction\") (see press release dated May 31, 2023) with 2176423 Ontario Ltd., (the \"Vendor\"), a corporation that is beneficially owned and controlled by Eric Sprott to acquire the Vendor's 100% interest in a stockpile of mineralized material (the \"Stockpile\") located on the Neal Idaho Project, 27 km southeast of Boise, Idaho (the \"Project\") together with its 20% interest in the Project. The Company has issued 2,000,000 common shares of Galleon Gold (the \"Shares\") to the Vendor and now holds a 100% leasehold interest in the Project. The Shares are subject to a hold period of four months and a day under applicable Canadian securities law; Eric Sprott's ownership of Galleon Gold is now 21.45%.Results of Annual Meeting of ShareholdersThe Company is pleased to report that all of the resolutions put forth at the Annual and Special Meeting of Shareholders (the \"Meeting\") held on June 14, 2023 were approved. At the Meeting, shareholders elected the following directors to hold office for the ensuing year: R. David Russell, Thomas Kofman, James T. O'Neil Jr., Mario Colantonio, Gerhard Merkel, Michael Hobart and Richard F. Nanna. Shareholders also approved resolutions to re-appoint Grant Thornton LLP as independent auditors of the Company and for the continuation of the stock option plan.Stock Option GrantThe Company also announces, pursuant to the Company's stock option plan, a total of 100,000 stock options have been granted to a consultant of the Company. The options are exercisable into one common share of the Company at a price of $0.22, vest immediately and expire on June 14, 2028.Related Party TransactionThe Transaction constitutes a \"related party transaction\" for the Company for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") as Mr. Sprott owns more than 10% of the Company's issued and outstanding Shares. The Company is relying on the exemptions from the requirement...