Galore announces non-middleman private placement, bonus deal and debt settlement approval



VANCOUVER, BC / ACCESSWIRE / October 6, 2021 / Galore Resources Inc. (TSXV: GRI) is pleased to announce that it has arranged a non-middleman private placement to raise gross proceeds of up to C $ 800,000 (the “Funding”). The private placement will consist of up to 22,857,142 common shares (the “Shares”) at a price of $ 0.035 per share.

The funds raised through this funding will be used to continue exploration, obtain permits and begin a drilling program on the San Jose concession, just to the east and adjacent to the drilled El Alamo concession. in 2019. The funds will also be used for continued exploration on other concessions. to the Dos Santos de Galore project, as well as for general operating purposes. All securities issued will be subject to the holding periods required under applicable securities laws, which will expire four months plus one day from the closing date of the financing (“Closing”). Closing is subject to receipt of all necessary corporate and regulatory approvals, including approval from the TSX Venture Exchange.

Investors wishing to participate in the Funding are requested to contact Mike McMillan, CEO by telephone (210) 860-9212 (USA) or by email at: [email protected] in order to receive the subscription documents and instructions. The Funding will remain open until October 15, 2021.

Free actions

The Company has entered into an agreement with an arm’s length third party for the payment of a bonus (“Bonus Agreement”) in return for the assistance provided to the Company in establishing new business contacts and in various negotiations at Mexico regarding the ongoing administration of projects. Pursuant to the bonus agreement, the Company has agreed to issue 500,000 common shares, subject to acceptance by the TSX Venture Exchange.

Debt settlement

Following the Company’s press release dated September 9, 2021, the Company has now received acceptance from the TSX Venture Exchange for the conversion of debt into equity, in accordance with Policy 4.3 of the TSX Venture Exchange. Debt settlement was effected as a means of further reducing the Company’s debt by reducing a portion of the historical unpaid management fees. The Company issued a total of 2,200,000 common shares at a price of C $ 0.025 per share to settle C $ 55,000.00 of debt and confirms that this debt is now extinguished. The shares issued in settlement of this debt are subject to a retention period of 4 months which expires on January 30, 2022.

About Galore Resources

Galore Resources is a mineral exploration and development company whose objective is to make and develop significant mineral discoveries, which are supported by a sustainable business model. Our goal is to discover a world-class gold and silver deposit in Mexico. Our flagship project is in the heart of the mining district of Concepcion del Oro, the Dos Santos project. This project covers two historic gold zones and has the potential to host high tonnage gold-silver deposits based on past drilling, trenches and a recent airborne geophysical survey.


“Michael McMillan”
President and CEO

To learn more about Galore Resources (TSX.V: GRI), please contact: Mike McMillan at (210) 860-9212 (USA)

Please visit our website at or contact us at [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities laws. All statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect” , “Target”, “budget” and “intention” and statements that an event or result “may”, “will”, “should”, “could” or “could” occur or be achieved and d ‘other similar expressions and understands the negative aspects thereof.

Forward-looking statements contained in this press release include, without limitation, statements regarding management’s expectations regarding the proposed financing, management’s expectations regarding the use of the proceeds of the financing, the closing conditions of the financing. , the expiration of the holding periods for the securities distributed under the financing, the use of the financing proceeds and the approval by the TSX Venture Exchange of the proposed financing. Forward-looking statements are based on a number of assumptions and estimates which, although considered reasonable by management based on the businesses and markets in which Galore Resources operates, are inherently subject to significant uncertainties and risks. and operational, economic and competitive contingencies. There can be no assurance that such statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include: whether the Company may not complete the Financing on terms favorable to the Company or not at all; that the TSX Venture Exchange may not approve the funding; that the proceeds of the Funding cannot be used as indicated in this press release; actual exploration results, interpretation of the metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time other in documents filed by the Company with securities regulatory authorities, including those described in the last management report filed by the Company. The Company does not undertake to update or revise forward-looking statements, except in accordance with applicable law.

THE SOURCE: Galore Resources Inc.

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