galleongold.com/site/assets/files/3814/...ent_final_final.pdf
Galleon Gold Acquires Additional Interest in the Neal Gold Project and Increases Previously Announces Private PlacementTORONTO: June 3, 2020. Galleon Gold Corp. (TSXV: GGO) (the Company or Galleon Gold) announces that it has signed an agreement (the Agreement) to acquire an additional interest in the Neal Development Limited Partnership (Neal LP). Neal LP was formed to own and operate the mineral lease comprising the Neal Gold Project, located 27 km southeast of Boise, Idaho (the Project). The Company and Eric Sprott arepartners on the Project (see press release dated April 30, 2019). The Company is acquiring all rights and assets in the Neal LP that are currently held by a minority interest owner. Pursuant to terms of the Agreement, the Company will issue 500,000 common shares to the minority interest owner. Upon completion of the acquisition, the Company will own a 53% interest and Eric Sprott will retain a 47% interest in the Neal LP. The Company has the option to earn in an additional 27% interest in the Neal LP. The acquisition is subject to the acceptance of the TSX Venture Exchange. Increase of Previously Announced Private Placement to C$5 MillionThe Company further announces that it is increasing the maximum size of its previously announced non-brokered private placement offering from C$4.0 million to C$5.0 million (the Offering) (Press Release dated April 28, 2020). The other terms of the Offering remain the same. On May 25, 2020, the Company completed an initial tranche of the Offering for gross proceeds of C$3,196,440.Debt SettlementThe Company additionally announces that it has agreed to settle an aggregate amount of C$580,000 owing for services and expenses rendered to the Company (the Debt Settlements). The Debt Settlements will be settled by the issuance of 9,666,667 common shares at a deemed price of C$0.06 per share. Completion of the Debt Settlements are subject to acceptance of the TSX Venture Exchange.