Galleon Gold Corp. announced a non-brokered private placement of 1,410 debenture units at a price of CAD 1,000 per unit for the gross proceeds of CAD 1,410,000 on April 29, 2024. Each debenture unit consists of CAD 1,000 in principal of convertible debentures and 3,030 common share purchase warrants of the company.

Each warrant will be exercisable to acquire one common share of the company for a period of three years from the date of issuance at an exercise price of CAD 0.25 per warrant share. The debentures will bear interest at a rate of 7.5% per annum from the date of issuance until the maturity date and payable semi-annually in arrears and will have a three-year term. Holders shall have the option cause the corporation to redeem the Debentures on the 24-month anniversary of the Debentures by providing written notice to the corporation at least 15 days prior to the 24-month anniversary of the debentures.

The company may complete an additional tranche of the Offering up to a maximum aggregate amount of CAD 1.5 million. The Debentures, Warrants and underlying Common Shares, will be subject to a hold period of four months and one day in accordance with applicable securities laws. The offering is subject to the final acceptance of the TSX Venture Exchange.