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Galleon Gold Increases Previously Announced Private Placement to C$4 Million
Toronto, Ontario--(Newsfile Corp. - May 19, 2020) -   Galleon Gold Corp. (the " Company ...
About this update from Galleon Gold Corp
[{"type":"text","content":"Galleon Gold Increases Previously Announced Private Placement to C$4 MillionToronto, Ontario--(Newsfile Corp. - May 19, 2020) -  Galleon Gold Corp. (the \"Company\") (TSXV: GGO) is pleased to announce that it is increasing the size of its previously announced non-brokered private placement offering up to gross proceeds of C$4.0 million (the \"Offering\")The Offering consists of a combination of units (the \"Units\") at a price of C$0.05 per Unit and flow-through units (the \"FT Units\") at a price of C$0.055 per FT Unit. Each Unit will consist 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 Warrant shall entitle the holder to acquire an additional common share at a price of C$0.075 for a period of 24 months following the closing of the Offering. Each FT Unit will consist of one common share in the capital of the Company which qualifies as a \"flow-through share\" as defined in subsection 66(15) of the Income Tax Act (Canada) (the \"FT Unit Shares\") and one-half of and one-half of one common share purchase warrant (each whole warrant, a \"FT Unit Warrant\"). Each FT Unit Warrant shall entitle the holder to acquire an additional common share at a price of C$0.075 for a period of 24 months following the closing of the Offering. Red Cloud Securities is acting as finder in connection with the Offering and will receive a cash commission equal to 6% and 7% finders warrants. The Closing of the Offering is subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The securities comprising the Units, FT Units and any finders warrants issued with respect to the Offering will be subject to a hold period of four months and one day in accordance with applicable securities laws.The net proceeds from the sale of the Units will be used for exploration and general working capital purposes. The proceeds from the sale of FT Units will be used to incur \"Canadian exploration expenses\" and will qualify as \"flow-through mining expenditures\" (the \"Qualifying Expenditures\"), as defined in the Income Tax Act (Canada). The Company intends to renounce the Qualifying Expenditures to subscribers of FT Units for the fiscal year ended December 31, 2020.This news release does not constitute an offer of secu...