Business
Galleon Gold Welcomes Strategic Investment by Pan American Silver and Signs an MOU for Toll Processing at the Bell Creek Mill
Toronto, Ontario--(Newsfile Corp. - August 13, 2025) - Galleon Gold Corp. (TSXV: GGO) (FSE: 3H90) (the "Company" or "Galleon Gold") is pleased to announce that Pan American Silver Corp. ("Pan American") has entered into a strategic investment agreement on a non-brokered private placement basis for an unsecured convertible debt financing (the "Debenture") for gross proceeds of C$8,000,000 (the "Transaction"). In connection with the Transaction, the Company also announces that it has entered into
About this update from Pan American Silver Corp.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - August 13, 2025) - Galleon Gold Corp. (TSXV: GGO) (FSE: 3H90) (the "Company" or "Galleon Gold") is pleased to announce that Pan American Silver Corp. ("Pan American") has entered into a strategic investment agreement on a non-brokered private placement basis for an unsecured convertible debt financing (the "Debenture") for gross proceeds of C$8,000,000 (the "Transaction"). In connection with the Transaction, the Company also announces that it has entered into a memorandum of understanding (the "MOU") with Lake Shore Gold Corp. ("Lake Shore Gold"), a wholly-owned subsidiary of Pan American, for toll processing of mineralized materials from the Company's planned 86,500-tonne bulk sample at its 100% owned West Cache Gold Project in Timmins, Ontario (the "Project" or "West Cache").","length":918,"tagName":"p"},{"type":"text","content":"The Debenture","length":13,"tagName":"p"},{"type":"text","content":"The Debenture has a term of 36 months (the "Term") from the date of issuance, bears interest at a rate of 10.0% per annum, payable in cash or common shares of the Company ("Common Shares") at the option of Pan American at the end of the Term, and is convertible into Common Shares at $0.45 per share (the "Conversion Price"). Post conversion, Pan American would own 19.59% of the Common Shares on a partially diluted basis and 11.30% of the Common Shares on a fully diluted basis. Pan American will also have participation rights in any future equity or convertible debt financings to hold and maintain up to a 19.9% fully diluted ownership position in Galleon Gold.","length":696,"tagName":"p"},{"type":"text","content":"At any time during the Term, Pan American can convert any portion of the principal amount of the Debenture into Common Shares at the Conversion Price. If Pan American converts any portion of the Debenture prior to the end of the Term, the accrued interest on such portion to that date will be payable in Common Shares and the price will be based on the higher of (i) the volume-weighted average price of the Common Shares for the last 20 trading days on the TSX Venture Exchange (the "TSXV"), and (ii) the last closing price of the Common Shares on the TSXV. The Com...