Business
Galleon Gold Issues Shares for Interest Payment on Convertible Debentures
Toronto, Ontario--(Newsfile Corp. - November 15, 2024) - Galleon Gold Corp.   (TSXV: GGO) (...
About this update from Galleon Gold Corp
[{"type":"text","content":"Galleon Gold Issues Shares for Interest Payment on Convertible DebenturesToronto, Ontario--(Newsfile Corp. - November 15, 2024) - Galleon Gold Corp.  (TSXV: GGO) (FSE: 3H90) (the \"Company\" or \"Galleon Gold\") reports that further to its news release of October 30, 2024, under the terms of the convertible debentures (the \"Convertible Debentures\") issued on April 12, 2024 , April 19, 2024 and April 29, 2024 (see news releases dated April 12, 19, 29, 2024) it has satisfied its obligation to pay an aggregate of $163,742.47 interest accrued by issuing 564,796 common shares (the \"Common Shares\") to the holders of the Convertible Debentures.The Common Shares to be issued in respect of the Interest Payment will be subject to a hold period of four months and one day ending March 19, 2025. The Company has received the final acceptance of the TSXV.Certain insiders and officers of the Company are holders of Convertible Debentures. As a result, the issuance of Common Shares is considered to be a \"related party transaction\" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The issuance of Common Shares in respect of these individuals is exempt from the minority approval and formal valuation requirements of MI 61-101 pursuant to subsections 5.5(b) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the debt, nor the fair market value of the Common Shares to be issued in settlement of the debt, exceeds 25% of the Company's market capitalization.About Galleon GoldGalleon Gold is an advanced exploration and development company focused on the West Cache Gold Project in Timmins, Ontario. The West Cache Gold Project is located 7 km northeast of Pan American Silver's Timmins West Mine and 14 km southwest of Newmont's Hollinger Mine. A 2022 Preliminary Economic Assessment (PEA) for the Project demonstrates strong economics. The Company is in the process of submitting permit applications for an 86,500-tonne underground bulk sample. For further information:Galleon Gold R. David RussellChairman and CEOT. (416) [email protected] StatementsThis news release contains certain \"forward looking statements\", as defined under applicable Canadian securities laws, that reflect the current views and/or expectations of Ga...