Business
Galleon Gold Sells Non-Core Utah Asset for US$700,000
Toronto, Ontario--(Newsfile Corp. - April 30, 2025) - Galleon Gold Corp. (TSXV: GGO) (FSE: 3H90...
About this update from Galleon Gold Corp
[{"type":"text","content":"Galleon Gold Sells Non-Core Utah Asset for US$700,000Toronto, Ontario--(Newsfile Corp. - April 30, 2025) - Galleon Gold Corp. (TSXV: GGO) (FSE: 3H90) (the \"Company\" or \"Galleon Gold\") is pleased to announce that it has entered into an agreement (the \"Agreement\") with ETM UT Inc., a Delaware corporation, for the sale of a royalty (the \"Milford Royalty\") the Company holds on the Milford Copper Property (\"Milford Property\") located in Utah, USA for a total of US$700,000. Comments from the CEOR. David Russell, President and CEO of Galleon Gold, commented, \"We are very pleased to have reached an agreement to sell the Milford Royalty, which we have held for over a decade. Monetizing this non-core asset aligns with our strategy to focus the Company's attention and resources to our flagship West Cache Gold project in Timmins, Ontario.\"About the Milford RoyaltyUnder the original terms of an agreement signed with a predecessor company of ETM UT Inc' subsidiary, Milford Mining Company Utah, LLC, Nevada Star Resource Corp. (U.S.), a wholly-owned subsidiary of Galleon Gold, was granted a Net Smelter Royalty, capped at US$5,000,000, on the Milford Property. Prior to the Agreement, the Company had received a total of US$690,439 in royalty payments over the years. The AgreementPursuant to the Agreement with an effective date of April 28, 2025, ETM UT Inc. has paid US$700,000 to Galleon Gold for the purchase of the Company's 100% interest in the Milford Royalty. Interest Payment on Convertible DebenturesGalleon Gold also announces that 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, and 29, 2024) it has elected to satisfy its obligation to pay interest accrued by issuing common shares (the \"Common Shares\").Under the terms of the Convertible Debentures, no fractional Common Shares will be delivered upon payment of the interest obligation. The Common Shares will be priced based on the greater of the Market Price (as defined in the policies of the TSXV) and the 15-day volume weighted average closing price of the Common Shares on the TSXV.The issuance of Common Shares in payment of interest remains subject to the approval of the TSX Venture Exchange (the \"Exchange\"). The Common Shares to be issued in respe...