Galore Closes Private Placement
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/10/11 -- Galore Resources Inc. (TSX VENTURE: GRI) has closed its non-brokered private placement offering of CDN $910,000 announced on June 29, 2011. The total number of securities issued in the financing consists of 6,066,667 units priced at $0.15 per unit.
Each unit (a "unit") consists of one common share and one share purchase warrant (a "warrant"). Each Warrant is exercisable into one additional common share at a price of $0.20 per share for a period of two-years, expiring August 5, 2013.
The Company has paid a cash finder's fee of $31,600 in connection with the private placement to certain parties who were instrumental in introducing investors to the Company. In addition, the Company issued 263,333 Finder's Compensation Options, exercisable for a period of eighteen months at a price of $0.20 into 263,333 common shares and 263,333 share purchase warrants. Each warrant issued on exercise of the Finder's Compensation Option has the same terms as the Warrants issued in the private placement. All securities issued by the Company in connection with the private placement are subject to a statutory hold period and may not be traded until December 6, 2011.
The proceeds of the placement will be used to execute an exploration program that will include drilling on Galore's 100% owned Mexico-based Dos Santos project. Based on promising gold results identified in an exploration program announced on June 1, 2011, the company has confirmed El Alamo as its main target for this next phase of exploration. In addition, a portion of the proceeds will be used for general working capital.
Galore Resources is a British Columbia-based exploration company that has assembled a leading group of industry professionals to acquire and explore for promising deposits with an emphasis on gold in Mexico and base metals in British Columbia.
Michael W. Byrne, President
Cautionary Note Regarding Forward-Looking Information: The Company expressly warns readers not to rely on the information herein for investment or other related purposes. Accordingly, any use of this information is at your own risk and without liability to the company. The information contained herein is not, and under no circumstances is to be construed as either a public or a private offer or solicitation to purchase securities in the capital stock of Galore Resources Inc. The reader is referred to his/her professional investment advisor regarding investment or related decisions respecting the securities of the company. No securities commission or similar regulatory authority has passed on the merits of or reviewed the information contained herein.
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.
Contacts:
Galore Resources Inc.
Erica C Bearss, MBA, Vice President Corporate Communications
604-647-2298 or Toll Free: 1-877-647-2298
Skype: 1-206-388-2423
604-647-0086 (FAX)
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Unternehmensinformation / Kurzprofil:
Datum: 10.08.2011 - 16:05 Uhr
Sprache: Deutsch
News-ID 44715
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contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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