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Galleon Gold Sells Non-Core Nickel Project for $1.0 Million plus Shares and Options
Toronto, Ontario--(Newsfile Corp. - June 1, 2022) - Galleon Gold Corp. (TSXV: GGO) (the "Compa...
About this update from Galleon Gold Corp
[{"type":"text","content":"Galleon Gold Sells Non-Core Nickel Project for $1.0 Million plus Shares and OptionsToronto, Ontario--(Newsfile Corp. - June 1, 2022) - Galleon Gold Corp. (TSXV: GGO) (the \"Company\" or \"Galleon Gold\") is pleased to announce that it has sold its 100% interest in the William Lake Property (\"William Lake\") to Leeuwin Metals PTY Ltd. (\"Leeuwin\"). Pursuant to the terms of the Sale Agreement, the Company has received the following consideration: CAD$1,000,000 in Cash2,500,000 Common Shares (the \"Shares\") of Leeuwin 2,500,000 Consideration Options (the \"Options\") with each Option entitling the Company to acquire one Share of Leeuwin at a price of AUD$0.50 for a period of (5) five years. Leeuwin is a private Australian company focused on listing on the Australian Securities Exchange (the \"ASX\"). Leeuwin's management team has a proven track record of success in the resource sector and have completed five successful ASX listings in the past four years. Combined, they have been involved in the discovery of more than 10 million ounces of gold and 810,000 tonnes of nickel, raised over US$200 million in capital and been party to M&A transactions exceeding US$7.5 billion. Leeuwin has acquired several lithium projects in Australia and Canada, and with the William Lake Property as its cornerstone project, they are poised to develop an impressive battery metals exploration company. Comments from the CEOR. David Russell, President and CEO of Galleon Gold commented, \"We are very pleased to see the William Lake nickel project in the hands of an experienced and motivated team. We have always ascribed substantial value to this nickel asset, and have been very selective with regards to the terms of any sale agreement. Leeuwin's plans fit well with how we envisioned advancing the project, while driving shareholder value. We look forward to becoming significant shareholders of Leeuwin and participating in the exploration success of the project through the public entity upon its listing on the ASX.\" Comments from LeeuwinChris Piggott, Managing Director of Leeuwin Metals \"Leeuwin is pleased to work with Galleon Gold on such a globally significant nickel project. We have identified the world needs more high-quality nickel mines and we are keen to begin work to realise the potential of William Lake. Leeuwin is committed to advance th...