VANCOUVER, BRITISH COLUMBIA, Jun 29, 2011 (MARKETWIRE via COMTEX) — Galore Resources Inc. announces a non-brokered private placement of up to 6.7 Million units at a price of $0.15 per unit with an overallotment option of an additional 15% or 1,000,000 units. Each unit (a “Unit”) will consist of one common share and one share purchase warrant. Each warrant will be exercisable into one additional common share at a price of $0.20 per share for a period of two years from the date of closing of the financing.
The Company will pay a finders fee in connection with the private placement to certain parties who are instrumental in introducing investors to the Company. The finder’s fee shall be equal to 8% of the amount of gross proceeds raised. In addition, subject to compliance with regulatory requirements, finders will also be issued finder’s Compensation Options, exercisable into that number of units as is equal to 10% of the number of Units sold to investors. Each Compensation Option shall be exercisable for a period of 18 months into one compensation unit at a price of $0.20 per Compensation Option. Each compensation unit shall have the same terms as the Units issued in the private placement.
The proceeds of the offering will be used for a drilling program on the Company’s El Alamo gold project, additional exploration on other targets on its 100% owned Dos Santos property, Mexico, and for general working capital. The private placement and finder’s fees are subject to acceptance by the TSX Venture Exchange.
Michael Byrne, President
To learn more about Galore Resources visit www.galoreresources.com .
