Galore Resources Announces Ongoing Efforts on Debt Reduction / Shares for Debt Settlement
GALOF: OTCQB GRI: TSX-V
FOR IMMEDIATE RELEASE May 10, 2024
GALORE RESOURCES ANNOUNCES ONGOING EFFORTS ON DEBT REDUCTION / SHARES FOR DEBT SETTLEMENT
Vancouver, B.C., Galore Resources Inc. (TSX-V: GRI) (OTCQB: GALOF) announces that the Company’s Board of Directors has authorized management to proceed with an arrangement for the settlement of CDN$226,205.00 (the “Debt”) owed to the President and Chief Executive Officer of the Company (the “Creditor”). The Debt is in relation to a personal loan made by the Creditor in April, 2019, plus all interest accrued to date. The Debt will be settled by the issuance of a total of 11,310,250 common shares (“Shares”) at a deemed price of $0.02 per Share. The Shares will be subject to a 4 month plus one day hold period from the date of issuance. This transaction is subject to approval of the TSX Venture Exchange.
The parties acknowledge and agree that the Debt is a bona fide debt owed by the Company to the Creditor and the Creditor has agreed to accept such number of Shares in full satisfaction of the Debt.
The decision to enter into this debt settlement was made in order that the Company be able to continue to find ways to preserve cash for project development and improve the Company’s balance sheet.
On behalf of the Board, we wish to assure our Shareholders that we take all matters relating to continued reduction of the Company’s debt seriously and are dealing with them in the best proper manner with the guidance of qualified legal experts.
Respectfully yours,
Michael McMillan, President and Chief Executive Office
For Further Information about Galore Resources,
Please visit the Company's website at www.galoreresources.com or contact the Company's Chief Financial Officer and Vice-President of Corporate Communications, Drew McMillan, by telephone (210-325-7971) or e-mail ([email protected]).
About Galore Resources
Galore Resources is a mineral exploration and development company whose focus is to make and develop significant mineral discoveries, which are supported by a sustainable business model. Our
Mailing Address: 2701 Little Elm Parkway, Suite 100 #512 | Little Elm, Texas, USA | 75068 Tel: (210) 860-9212 | Fax: (604) 648-8894 | www.galoreresources.com P a g e | 2
goal is to discover a world-class gold deposit in Mexico. Our flagship project is located in the heart of the Concepcion del Oro Mining District, the Dos Santos Project, which covers two known historic gold zones, is on trend with Newmont’s Penasquito Mine, and based on past drilling, trenching, and an airborne geophysical survey, has the potential to host several bulk tonnage gold deposits.
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes “forwardlooking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news 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", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements in this news release include, but are not limited to, statements with respect to the expectations of management regarding the Company’s ability to obtain TSX Venture Exchange acceptance to the debt settlement, the ability of the Company continue to reduce outstanding debts, to continue to raise funds in order to recommence ore extraction activities at its Duraznillo project, conduct drill programs at its Mexican mineral properties and the timing thereof, the prospective deposits, targets and mineralization at the properties and the anticipated receipt and timing of necessary governmental or third-party approvals and permits.
Such forward-looking information reflects management’s current beliefs and is based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information is neither a promise nor guarantee, and is subject to known and unknown risks and uncertainties including, but not limited to, delays in obtaining governmental or third party approvals and permits, actual results of exploration activities, unanticipated geologic formations, structures and characteristics, environmental risks, future prices of base and other metals, operating risks, accidents, labor issues, and other risks in the mining industry as well as general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets and lack of available capital. In addition, there is uncertainty about the spread of COVID-19 and variants of concern and the impact they will have on the Company’s operations, supply chains, ability to access mineral properties, conduct due diligence or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR+ at www.sedarplus.ca. For OTCQB quotes and filings, please visit www.otcmarkets.com. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Mailing Address: 2701 Little Elm Parkway, Suite 100 #512 | Little Elm, Texas, USA | 75068 Tel: (210) 860-9212 | Fax: (604) 648-8894 | www.galoreresources.com