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Galleon Gold completes shares for debt settlement with Explor Resources

Jan 11, 2021

Galleon Gold Corp. has settled a claim filed against Explor Resources Inc. prior to its amalgamation with Galleon Gold. Under terms of the settlement, the company will issue 6,311,479 common shares and 908,853 warrants to settle outstanding debt of $694,262.64 and for a release of any other claims, demands and future actions.

Each warrant shall entitle the holder to purchase one common share at a price of $0.18 at any time on or before January 8, 2024. The securities issued pursuant to the settlement will be subject to a four-month hold period ending May 9, 2021. The TSX Venture Exchange has conditionally approved the Settlement.

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. Drilling is currently underway at the Company's flagship project, the West Cache Gold Project, located 13 km from Timmins, Ontario.

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