Business
Galore Announces a Non-Brokered Private Placement, Bonus Agreement and Approval of Debt Settlement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED ...
About this update from Galore Resources Inc.
[{"type":"text","content":"Galore Announces a Non-Brokered Private Placement, Bonus Agreement and Approval of Debt SettlementNOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / October 6, 2021 / Galore Resources Inc. (TSXV:GRI) is pleased to announce that that it has arranged a non-brokered private placement to raise gross proceeds of up to CDN $800,000.00 (the \"Financing\"). The private placement will consist of up to 22,857,142 common shares (\"Shares\") at a price of $0.035 per Share.Funds raised from this Financing will be used for further exploration, permitting, and commencement of a drill program at the San Jose claim, just east and adjoining the El Alamo claim drilled back in 2019. Funds will also be used for further exploration on other claims at Galore's Dos Santos project, as well as for general operating purposes. All securities issued will be subject to hold periods required under applicable securities laws, which will expire four months plus one day from the date of closing of the Financing (\"Closing\"). Closing is subject to receipt of all necessary corporate and regulatory approvals, including approval of the TSX-V.Investors who wish to participate in the Financing are asked to please contact Mike McMillan, CEO by telephone (210) 860-9212 (USA) or by email to: [email protected] in order to receive subscription documents and instructions. The Financing will remain open until October 15, 2021.Bonus SharesThe Company has entered into an agreement with an arm's length third party for the payment of a bonus (\"Bonus Agreement\") in consideration for assisting the Company in establishing new business contacts and aiding in various negotiations in Mexico relating to ongoing administration of the Company's projects. Under the Bonus Agreement, the Company has agreed to issue 500,000 common shares, subject to TSX Venture Exchange acceptance.Debt SettlementFurther to the Company's news release of September 9, 2021, the Company has now received TSX Venture Exchange acceptance to the conversion of debt to shares, pursuant to TSX-V Exchange Policy 4.3. The debt settlement was conducted as a means of continuing to reduce the Company's debt by diminishing a portion of outstanding historical management fees. The Company has issued an aggregate 2,200,000 common shares at a p...