Business
Galore Announces Implementation of a Shares For Services Arrangement on its Drill Contract and Closing on a First Tranche of its Private Placement
(via TheNewswire) Vancouver, BC - TheNewswire - October 17, 2019 - ...
About this update from Galore Resources Inc.
[{"type":"text","content":"Galore Announces Implementation of a Shares For Services Arrangement on its Drill Contract and Closing on a First Tranche of its Private Placement(via TheNewswire)\n \n \nVancouver, BC - TheNewswire - October 17, 2019 - Galore Resources Inc. (TSXV:GRI) (OTC:GPKMF) (the \"Company\") announced the completion of 1667.2 meters of core drilling at it's 100% owned El Alamo claim. Results from the balance of the drill holes are still at the lab pending release. According to Galore's geologists and as reported in Galore's September news release, the drill results to date indicate a lower and much larger zone of mineralization associated with brecciated limestone, interpreted to represent a large structure dipping to the south. For this reason Galore has decided to cease drilling in order to map and sample this trend at the base of El Alamo hill and redesign the drill program. We look forward to resuming drilling very soon.\n\n \n \nShares for Services Agreement\n\n \n \nFurther to Galore's news release dated May 27, 2019, wherein the Company announced a drill contract with COMEFIN S DE RL DE CV (\"Comefins\") to conduct the diamond core drilling programs at Galore's 100% owned El Alamo and Los Gemelos projects, the parties had further agreed to enter into a shares for services arrangement relating to the drill programs wherein payment for Comefins' services will be made by a combination of cash and shares. As of the date of this release, the Company incurred a total payable in shares to Comefins of US $68,920.53, using the conversion rate of $1 USD = $1.3204 CAD, or CDN $91,002.67. The parties have agreed to the issuance of 1,820,053 common shares at a deemed price of CDN$0.05 per share, subject to regulatory approval. The shares will be subject to a 4-month hold period from the date of issuance. The shares for services arrangement has been made in order to preserve cash committed to project development and working capital.\n\n\n \nPrivate Placement - Tranche 1 Closing\n\n\n \nThe Company also announces it has closed a first tranche of its unit private placement, originally announced June 24 and as updated August 13 and September 18, 2019. In this first tranche the Company issued 3,743,629 units at a price of $0.05 per unit for gross proceeds of CDN $187,181.46. Each Unit consists of one common share in the capital of the Company and on...