Galleon Gold Announces Warrant Extension

TORONTO: May 28, 2021.  Galleon Gold Corp. (TSXV: GGO) (the “Company” or “Galleon Gold”) announces that the Company will be extending the exercise period of a total of 1,416,667 share  purchase warrants, all of which are exercisable at $0.12 per share (collectively, the “Warrants”). The Warrants were issued pursuant to a private placement which closed over two tranches in June and July 2019. The Company proposes to extend the expiry dates for all Warrants by one (1) year, and accordingly, the new expiry dates for the Warrants are as follows:

 

 

All other terms and conditions of the Warrants remain unchanged. The Warrant extension is subject to acceptance by the TSX Venture Exchange.

 

A total of 250,000 Warrants are held by a party who is considered to be a “related party” of the Company. Therefore, the amendment of Warrants constitutes a “related party transaction” as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSV Policy 5.9 – Protection of Minority Shareholders Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for these guidelines can be relied upon as the fair market value of the Warrants does not exceeds 25% of the market valuation of the Company. A material change report in respect to this related party transaction will be filed by the Company.

 

About Galleon Gold

 

Galleon Gold is a North American exploration and development company. Eric Sprott holds approximately 23% of the Company’s outstanding common shares and is also the Company’s partner on the Neal Gold Project in Idaho. A Preliminary Economic Assessment is currently underway for the Company’s flagship project, the West Cache Gold Project, located 13 km from Timmins, Ontario.

 

For further information:

 

Galleon Gold 

R. David Russell

Chairman and CEO

T. (416) 644-0066

info@galleongold.com

www.galleongold.com