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Galactic Gold Corp. (TSXV: GGAU) (the "Company") is pleased to announce it will settle outstanding indebtedness of $25,000 through the issuance of 113,636 common shares of the Corporation at a deemed price of $0.22 per common share (the "Debt Settlement"). The common shares issued in connection with the Debt Settlement will be subject to a hold period of four months from the date of closing. The Debt Settlement is subject to the approval of the TSX Venture Exchange ("TSXV") and all shares are being issued to arms-length parties.
The Company also announces stock options have been granted to consultants and a director to purchase up to an aggregate total of 600,000 shares and issued restricted share and deferred units totalling 200,000 common shares. The stock options have been granted at a price of $0.22 per common share for a period of two years.
About Galactic Gold Corp.
Galactic Gold Corp. is a resource development company focused on unlocking the full potential of its 100%-owned Hardrock West Properties, located in the top tier mining jurisdiction of Ontario. Over 57 km of combined strike length along two major gold bearing structures and 10 km away from Equinox Gold's Greenstone Mine. With 15,000 Hectare (37K Acres) Galactic Gold is positioned between Equinox Gold Greenstone Mine and Equinox's Brookbank Deposit along what Laurentian University in its Metal Earth Research has identified as super structures across the Galactic Gold Property underscoring the Project's strong value-creation potential.
ON BEHALF OF THE BOARD OF DIRECTORS,
Galactic Gold Corp.,
Ken Berry
Chief Executive Officer and Director
For further information, please contact:
Kenneth Berry: ken@touchstonecapital.ca
or
Frank Lagiglia: frank@galacticgoldcorp.com
Tel: 1-604-512-0972
Neither 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 may contain forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's current plans and business objectives. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: assumptions regarding future metals prices, debt and equity financing market conditions, receipt of regulatory approvals, and other factors. The cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on its behalf. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward- looking statement, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289334
