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  • Mining company, Galleon Gold (TSXV:GGO) is increasing its previously announced private placement offering to C$4 million in gross proceeds
  • The placement is offering units at 5 cents each, and flow-through units at 5.5 cents each
  • Securities which are issued through the offering will be subject to a hold period of four months and one day
  • The company will use the proceeds for the purpose of exploration, general working capital, and other expenditures
  • Galleon Gold (GGO) is down 11.54 per cent and is currently trading at 4.6 cents per share

Mining company, Galleon Gold (TSXV:GGO) is increasing its previously announced private placement offering to C$4 million in gross proceeds.

The company’s private placement offers units at 5 cents each, and flow-through (FT) units at 5.5 cents each.

One standard unit will contain one common share in Galleon Gold, plus one half of a common share purchase warrant. One whole warrant entitles the holder to acquire another common share for 7.5 cents, within 24 months of the placement’s closing.

One flow-through (FT unit) will contain one common share in Galleon Gold, which qualifies as a flow-through share. The FT unit will also contain one half of one common share purchase warrant. 

One whole FT Unit warrant entitles the holder to acquire another common share for 7.5 cents, within 24 months of the placement’s closing.

Red Cloud Securities is acting as finder for the offering. As such, it will receive a cash commission equal to 6 and 7 per cent finders warrants. 

Any securities issued through the private placement will be subject to a hold period of four months and one day. This covers securities issued through units, FT units, and any finders warrants. 

In addition, the private placement’s closing will be subject to the receipt of all necessary regulatory approvals. This includes the approval of the TSX Venture Exchange.

Galleon Gold intends to use the net proceeds for exploration and general working capital purposes. 

Galleon Gold is down 11.54 per cent and is trading for 4.6 cents per share at 1:55pm EDT.

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