Galileo Exploration Announces Closing of Shares for Debt Transaction

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[{"type":"text","content":"Galileo Exploration Announces Closing of Shares for Debt Transaction\n \n \n (TheNewswire)\n \n \n VANCOUVER, British Columbia -\n \n TheNewswire -\n \n October 5, 2020\n \n \n -- Galileo Exploration\nLtd. (the \"\n \n Company\n \n \"\nor \"\n \n Galileo\n \n \")\n(TSXV:GXL) is pleased to announce that it has closed its shares for\ndebt transaction, previously announced on August 13, 2020 (the\n\"\n \n Transaction\n \n \"). \nPursuant to the Transaction, an aggregate of $524,665.28 of the\nCompany's outstanding debts were settled through the issuance of\n10,493,306 common shares in the capital of the Company (\"\n \n Shares\n \n \") at a deemed price of\n$0.05 per Share. The creditors included certain related parties of the\nCompany, including John Kanderka, Galileo's Chief Executive Officer\nand a Director, Wes Adams, Galileo's Chief Financial Officer and a\nDirector, Marc Blythe, a Director and John Adams, a holder of greater\nthan 10% of the issued and outstanding Shares (collectively, the\n\"\n \n Related Parties\n \n \").\nEvery other creditor is an arm's length party who has provided\nconsulting services to the Company.\n \n \n Pursuant to the Transaction an aggregate of 9,288,493 Shares were\nissued to the Related Parties. An aggregate of 2,015,535 Shares were\nissued John Kanderka, representing $100,776.75 in full satisfaction of\nthe amount owing for services rendered in his capacity as the Chief\nExecutive Officer and for expenses paid on behalf of the Company. An\naggregate of 3,927,473 Shares were issued to the Wes Adams,\nrepresenting $196,373.63 in partial satisfaction of the amount owing\nfor services rendered in his capacity as the Chief Financial Officer,\nfor loans extended to the Company and for expenses paid on behalf of\nthe Company. An aggregate of 797,540 Shares were issued to Marc\nBlythe, representing $39,877.02 in full satisfaction for expenses paid\non behalf of the Company. An aggregate of\n \n 2,547,945\nShares were issued to John Adams, representing $127,397.26 in full\nsatisfaction of loans extended to the Company.\n \n \n \n \n Pursuant to these share issuances to the Related\nParties, their fully-diluted beneficial ownership of the issued and\noutstanding Shares will increase as follows: John Kanderka, 6.03%\n(previously 2.67%); Wes Adams 18.45% (previously 13.61%); Marc Blythe\n1.76% (previously...

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