Business
Galore Appoints New President and CFO, a Further Agreement with Amarc to Accelerate the Sale of Taseko, a Loan Arrangement and Shares For Debt Settlement
(via TheNewswire) Vancouver, BC / TheNewswire / Galore Resources Inc. (TSX-V: GRI) ...
About this update from Galore Resources Inc.
[{"type":"text","content":"Galore Appoints New President and CFO, a Further Agreement with Amarc to Accelerate the Sale of Taseko, a Loan Arrangement and Shares For Debt Settlement(via TheNewswire)\n\n \nVancouver, BC / TheNewswire / Galore Resources Inc. (TSX-V: GRI) (the \"Company\") reports that Mr. Uwe Schmidt, Galore's President and CFO has advised the board of his wish to retire and has provided his resignation as President, Chief Financial Officer and a director, effective immediately. Mr. Mike McMillan, the Company's Chief Executive Officer and a director will take the place of President of Galore and Mr. Andrew McMillan will be appointed Chief Financial Officer. The Company thanks Mr. Schmidt for all his time, effort and involvement with Galore since 2006 and wishes him the best in his retirement and future endeavors. \n\n \n \nSale of Taseko\n\n \n \nFurther to the Company's news release of July 22, 2016, wherein the Company announced it had entered into a revised Option Agreement with Amarc for the sale of Taseko, it was announced by Amarc on January 11, 2017 that Thompson Creek Metals Company Inc. had relinquished its option to earn up to a 50% interest in Amarc's IKE property and surrounding district, located near Gold Bridge, British Columbia. The Taseko properties comprise of extensive mineral claims surrounding the IKE property and therefore this prompted Amarc to negotiate an amended agreement with Galore to acquire the full 100% interest in Galore's Taseko properties, clear of any royalties to Galore, by making a final payment of $280,000 which has now been received by Galore.\n\n \n \nLoan\n\n \n \nThe Company's Board of Directors has authorized management to proceed with a loan arrangement with a senior officer / director of the Company (the \"Lender\"), whereby the Company will borrow USD$150,000.00 (the \"Loan\").\n\n \n \nUnder the terms of the loan agreement, the Loan shall bear an interest at the rate of 8% per annum compounded monthly, payable on demand, provided however that the Lender agrees not to make demand within the first six (6) months of the Loan, which will be due on January 12, 2019.\n\n \n \nSubject to the approval of the TSX Venture Exchange, as further consideration for advancing the Loan, the Company has agreed to issue to the Lender a bonus of 1,000,000 common shares in its share capital (the \"Bonus Shares\"). Th...