Galleon Gold Announces Interest Payment on Convertible Debentures
Galleon Gold Corp. (TSXV: GGO) has announced it will pay interest on its convertible debentures through the issuance of common shares. For debentures issued in April 2024 totaling C$3.0 million, the company will issue 377,588 common shares to satisfy $110,722.61 in interest. For debentures issued April 29, 2024 worth C$1.41 million, 187,208 common shares will be issued to cover $53,019.86 in interest. The share issuance requires TSX Venture Exchange approval and will have a four-month hold period. The transactions qualify as related party transactions but are exempt from minority approval requirements.
Galleon Gold Corp. (TSXV: GGO) ha annunciato che pagherà gli interessi sui suoi obbligazioni convertibili attraverso l'emissione di azioni ordinarie. Per le obbligazioni emesse ad aprile 2024 per un totale di C$3,0 milioni, la società emetterà 377.588 azioni ordinarie per soddisfare $110.722,61 di interessi. Per le obbligazioni emesse il 29 aprile 2024, del valore di C$1,41 milioni, 187.208 azioni ordinarie saranno emesse per coprire $53.019,86 di interessi. L'emissione delle azioni richiede l'approvazione del TSX Venture Exchange e avrà un periodo di blocco di quattro mesi. Le transazioni sono considerate operazioni con parti correlate, ma sono esenti dai requisiti di approvazione da parte dei minoritari.
Galleon Gold Corp. (TSXV: GGO) ha anunciado que pagará los intereses de sus obligaciones convertibles mediante la emisión de acciones comunes. Para las obligaciones emitidas en abril de 2024 por un total de C$3,0 millones, la empresa emitirá 377.588 acciones comunes para satisfacer $110.722,61 en intereses. Para las obligaciones emitidas el 29 de abril de 2024, por un valor de C$1,41 millones, se emitirán 187.208 acciones comunes para cubrir $53.019,86 en intereses. La emisión de acciones requiere la aprobación de la TSX Venture Exchange y tendrá un período de retención de cuatro meses. Las transacciones califica como transacciones entre partes relacionadas, pero están exentas de los requisitos de aprobación de minorías.
갤리온 골드 법인(Galleon Gold Corp.)(TSXV: GGO)은 전환 사채에 대한 이자를 보통주를 발행하여 지급할 것이라고 발표했습니다. 2024년 4월에 발행된 C$300만의 사채에 대해 회사는 377,588주를 발행하여 $110,722.61의 이자를 충당할 것입니다. 2024년 4월 29일에 발행된 C$141만의 사채에 대해서는 187,208주가 발행되어 $53,019.86의 이자를 커버할 것입니다. 주식 발행은 TSX 벤처 거래소의 승인이 필요하며 4개월의 보유 기간이 있습니다. 이 거래는 관련 당사자 거래로 분류되지만 소수자 승인 요구 사항에서 면제됩니다.
Galleon Gold Corp. (TSXV: GGO) a annoncé qu'elle paierait des intérêts sur ses obligations convertibles par l'émission d'actions ordinaires. Pour les obligations émises en avril 2024 totalisant C$3,0 millions, l'entreprise émettra 377.588 actions ordinaires pour satisfaire $110.722,61 en intérêts. Pour les obligations émises le 29 avril 2024 d'une valeur de 1,41 million de C$, 187.208 actions ordinaires seront émises pour couvrir $53.019,86 en intérêts. L'émission d'actions nécessite l'approbation de la TSX Venture Exchange et aura une période de blocage de quatre mois. Les transactions sont qualifiées de transactions entre parties liées mais sont exemptées des exigences d'approbation des minoritaires.
Galleon Gold Corp. (TSXV: GGO) hat angekündigt, dass sie Zinsen auf ihre wandelbaren Anleihen durch die Ausgabe von Stammaktien zahlen wird. Für Anleihen, die im April 2024 in Höhe von C$3,0 Millionen ausgegeben werden, wird das Unternehmen 377.588 Stammaktien ausgeben, um $110.722,61 an Zinsen zu begleichen. Für Anleihen, die am 29. April 2024 im Wert von C$1,41 Millionen ausgegeben werden, werden 187.208 Stammaktien ausgegeben, um $53.019,86 an Zinsen abzudecken. Die Aktienausgabe erfordert die Genehmigung der TSX Venture Exchange und hat eine Sperrfrist von vier Monaten. Die Transaktionen gelten als Transaktionen mit verbundenen Unternehmen, sind jedoch von den Anforderungen an die Genehmigung durch Minderheitsaktionäre befreit.
- None.
- Company is satisfying debt obligations through share issuance, leading to dilution of existing shareholders
- Multiple insiders and officers are holders of convertible debentures, indicating related party transactions
Toronto, Ontario--(Newsfile Corp. - October 30, 2024) - Galleon Gold Corp. (TSXV: GGO) (the "Company" or "Galleon Gold") reports that under the terms of the convertible debentures (the "Convertible Debentures") issued on April 12, 2024, April 19, 2024 and April 29, 2024 (see news releases dated April 12, 19, and 29, 2024) it has elected to satisfy its obligation to pay interest accrued by issuing common shares (the "Common Shares").
Under the terms of the Convertible Debentures, no fractional Common Shares will be delivered upon payment of the interest obligation. The Common Shares will be priced based on the greater of the Market Price (as defined in the policies of the TSXV) and the 15-day volume weighted average closing price of the Common Shares on the TSXV.
The issuance of Common Shares in payment of interest remains subject to the approval of the TSX Venture Exchange (the "Exchange"). The Common Shares to be issued in respect of the Interest Payment will be subject to a hold period of four months from the date of issuance.
Convertible Debentures issued on April 12, 2024 and April 19, 2024
An aggregate of
An insider of the Company is a holder of Convertible Debentures. As a result, the Interest Payment is considered to be a "related party transaction" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Interest Payment in respect of this individual is exempt from the minority approval and formal valuation requirements of MI 61-101 pursuant to subsections 5.5(b) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the debt, nor the fair market value of the shares to be issued in settlement of the debt, exceeds
Convertible Debentures issued on April 29, 2024
An aggregate of
Certain officers and an insider and of the Company are holders of the Convertible Debentures. As a result, the Interest Payment is considered to be a "related party transaction" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Interest Payment in respect of this individual is exempt from the minority approval and formal valuation requirements of MI 61-101 pursuant to subsections 5.5(b) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the debt, nor the fair market value of the shares to be issued in settlement of the debt, exceeds
About Galleon Gold
Galleon Gold is an advanced exploration and development company focused on the West Cache Gold Project in Timmins, Ontario. The West Cache Gold Project is located 7 km northeast of Pan American Silver's Timmins West Mine and 14 km southwest of Newmont's Hollinger Mine. A 2022 Preliminary Economic Assessment (PEA) for the Project demonstrates strong economics. The Company is in the process of submitting permit applications for an 86,500-tonne underground bulk sample.
For further information:
Galleon Gold
R. David Russell
Chairman and CEO
T. (416) 644-0066
info@galleongold.com
www.galleongold.com
Forward-Looking Statements
This news release contains certain "forward looking statements", as defined under applicable Canadian securities laws, that reflect the current views and/or expectations of Galleon Gold with respect to its long-term strategy, proposed work, plans, bulk sample program and other reports including the PEA for its projects. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which Galleon Gold operates. Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Galleon Gold are forward-looking statements that involve various risks. The following are important factors that could cause Galleon Gold's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions and uncertainty of access to additional capital, risks inherent in mineral exploration, delays in the receipt of government approvals, risks associated with development, construction, mining operations and third party contractor activities, risks related to unanticipated events related to health, safety and environmental matters. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Galleon Gold undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228382
FAQ
How many common shares will Galleon Gold (TSXV: GGO) issue for interest payment on April 12 and 19 debentures?
What is the interest payment amount for Galleon Gold's April 29, 2024 convertible debentures?
Are Galleon Gold's interest payments considered related party transactions?
