Galleon Gold Issues Shares for Interest Payment on Convertible Debentures
Galleon Gold (TSXV: GGO) has issued 564,796 common shares to satisfy an interest payment of $163,742.47 on convertible debentures issued in April 2024. The shares will be subject to a four-month hold period ending March 19, 2025. The transaction, which involves certain company insiders and officers, qualifies as a related party transaction but is exempt from minority approval and formal valuation requirements under MI 61-101 as it falls below 25% of the company's market capitalization.
Galleon Gold (TSXV: GGO) ha emesso 564.796 azioni ordinarie per soddisfare un pagamento di interessi di $163.742,47 su obbligazioni convertibili emesse nell'aprile 2024. Le azioni saranno soggette a un periodo di blocco di quattro mesi che terminerà il 19 marzo 2025. La transazione, che coinvolge alcuni dirigenti e funzionari dell'azienda, è classificata come una transazione con parti correlate, ma è esente dall'approvazione delle minoranze e dai requisiti di valutazione formale ai sensi della MI 61-101 in quanto rientra al di sotto del 25% della capitalizzazione di mercato dell'azienda.
Galleon Gold (TSXV: GGO) ha emitido 564,796 acciones ordinarias para satisfacer un pago de intereses de $163,742.47 sobre obligaciones convertibles emitidas en abril de 2024. Las acciones estarán sujetas a un periodo de bloqueo de cuatro meses que terminará el 19 de marzo de 2025. La transacción, que involucra a ciertos directivos y oficiales de la empresa, se califica como una transacción con partes relacionadas, pero está exenta de la aprobación de los minoritarios y de los requisitos de evaluación formal bajo la MI 61-101, ya que se encuentra por debajo del 25% de la capitalización de mercado de la compañía.
갤레온 골드 (TSXV: GGO)는 2024년 4월에 발행된 전환사채의 이자 지급을 위해 564,796주의 보통주를 발행했습니다. 이 주식은 2025년 3월 19일에 종료되는 4개월의 보유 기간에 적용됩니다. 이 거래는 특정 회사 내부자 및 임원을 포함하며, 관련 당사자 거래로 분류되지만, 회사의 시장 자본금의 25% 미만인 관계로 소수 주주 승인 및 공식 평가 요구 사항에서 면제됩니다.
Galleon Gold (TSXV: GGO) a émis 564.796 actions ordinaires pour régler un paiement d'intérêts de 163.742,47 $ sur des débentures convertibles émises en avril 2024. Les actions seront soumises à une période de blocage de quatre mois se terminant le 19 mars 2025. La transaction, qui concerne certains initiés et dirigeants de l'entreprise, est considérée comme une transaction entre parties liées, mais est exemptée de l'approbation des minorités et des exigences d'évaluation formelle en vertu de la MI 61-101, car elle représente moins de 25 % de la capitalisation boursière de l'entreprise.
Galleon Gold (TSXV: GGO) hat 564.796 Stammaktien ausgegeben, um eine Zinszahlung von 163.742,47 $ auf im April 2024 emittierte wandelbare Schuldverschreibungen zu leisten. Die Aktien unterliegen einer viermonatigen Sperrfrist, die am 19. März 2025 endet. Die Transaktion, die bestimmte Insider und Führungskräfte des Unternehmens betrifft, gilt als Transaktion mit verbundenen Parteien, ist aber gemäß MI 61-101 von der Genehmigung durch Minderheitsaktionäre und den Anforderungen an eine formale Bewertung befreit, da sie unter 25 % der Marktkapitalisierung des Unternehmens fällt.
- None.
- Company issued 564,796 new shares, resulting in dilution for existing shareholders
- Company unable to pay interest in cash, requiring share issuance
Toronto, Ontario--(Newsfile Corp. - November 15, 2024) - Galleon Gold Corp. (TSXV: GGO) (FSE: 3H90) (the "Company" or "Galleon Gold") reports that further to its news release of October 30, 2024, 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, 29, 2024) it has satisfied its obligation to pay an aggregate of
The Common Shares to be issued in respect of the Interest Payment will be subject to a hold period of four months and one day ending March 19, 2025. The Company has received the final acceptance of the TSXV.
Certain insiders and officers of the Company are holders of Convertible Debentures. As a result, the issuance of Common Shares 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 issuance of Common Shares in respect of these individuals 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 Common 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/230192
FAQ
How many shares did Galleon Gold (TSXV: GGO) issue for interest payment in November 2024?
What is the hold period for Galleon Gold's newly issued shares in November 2024?
Why is Galleon Gold's interest payment considered a related party transaction?
