Galleon Gold Closes Shares for Debt Settlement for Interest Owed to Eric Sprott
Gold Corp. (TSXV: GGO) (the "Company" or "Galleon Gold") announces that it has closed its previously announced debt settlement agreement (see press release January 17, 2020). Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, agreed to settle an aggregate amount of $82,177 for interest earned on a Galleon Gold Debenture (the "Debt Settlement"). The Debt Settlement was settled by the issuance of 1,027,218 common shares at a deemed price of $0.08 per share.
The securities issued pursuant to the Debt Settlement will be subject to a four-month hold period commencing on the date of issuance.
Mr. Sprott now beneficially owns and controls 71,248,950 shares of the Company representing 27.9% of the outstanding common shares.