Vancouver, BC: Galore Resources Inc. (TSX-V: GRI) (“Galore” or the “Company”) is pleased to make the following announcements:
2021 Annual and Special General Meeting
At the Company’s Annual and Special General Meeting of shareholders held by teleconference on Tuesday, November 16, 2021 (the “AGM”), a total of 33,317,778 shares were voted at the meeting, representing 23.51% of the Company’s issued share capital.
At the AGM, all incumbent directors, being Messrs. James Michael McMillan, Charles Troup and Kenneth Coe were reappointed to the Board. The Company’s Auditors, DeVisser Gray, LLP, Chartered Professional Accountants were reappointed as the independent Auditor of the Company for the ensuing year.
A 98.9% majority of disinterested shareholder votes also ratified the previous grants of stock options to insiders. All of the items approved at the meeting are detailed in the Company’s Management Information Circular dated November 12, 2021, which can be found either on the Company’s website at www.galoreresources.com or on SEDAR at www.sedar.com.
Subsequent to the AGM, directors re-appointed the following officers of the Company: Mr. James Michael McMillan as President and Chief Executive Officer, Mr. Andrew McMillan as Chief Financial Officer, and Ms. Pamela White as Corporate Secretary.
Closing of Private Placement
The Company has now closed its non-brokered private placement financing at $0.035 (the “Financing”), originally announced in its news releases of October 6, 2021. In the Financing, the Company issued a total of 23,385,752 common shares (“Shares”), raising gross proceeds of CAD $818,501.36.
The Shares issued in the Financing are subject to a four-month statutory hold period, which expires March 20, 2022.
Related Party Participation in the Private Placement
Directors and insiders subscribed for an aggregate of 22,271,447 Shares representing aggregate gross proceeds of $779,500.64. The purchase of such 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”), but is exempted from the requirements to obtain a formal valuation and to obtain minority approval, as the purchase of securities does not exceed 25% of the Corporation’s market capitalization. The Corporation is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101.
The Corporation did not file a material change report more than 21 days before the expected closing of the Financing because the details of the participation therein by related parties of the Corporation were not settled until shortly prior to closing of the Financing and the Corporation wished to close on an expedited basis for business reasons.
Repayment of Loan
Further to its news releases of July 11, 2018, announcing a cash loan of USD $30,000.00 (“Loan”) made to the Company by a current shareholder of Galore under a Loan Agreement, the Company announces it has now paid back that Loan in full, plus interest which was accruing at a rate of 10% per annum compounded monthly.
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 goal is to discover a world-class gold and silver deposit in Mexico. Our flagship project is in the heart of the Concepcion del Oro Mining District, the Dos Santos Project. This project covers two historic gold zones and has the potential to host bulk tonnage gold-silver deposits based on past drilling, trenching and a recent airborne geophysical survey.
ON BEHALF OF THE BOARD
“Michael McMillan”
President and CEO
To find out more about Galore Resources (TSX.V:GRI) please contact: Mike McMillan at (210) 860-9212 (USA)
Please visit our website at www.galoreresources.com or contact us at [email protected].
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.
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