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Galore Announces a Non-Brokered Private Placement and Provides Update on Drilling at its Dos Santos Project

24.06.2019  |  The Newswire

Vancouver, B.C. / TheNewswire / Galore Resources Inc. (TSX-V: GRI) is pleased to announce that it intends to commence a non-brokered private placement to raise gross proceeds of up to USD $1,500,000.00 (the "Offering"). The private placement will consist of up to 40,200,000 units, using the conversion rate of ($1 USD = $1.34 CAD) at a price of CAD $0.05 per unit (the "Units"), with each Unit consisting of one common share and one share purchase warrant (a "Warrant"). Each warrant will be exercisable into one additional common share at a price of CAD $0.10 per share for a period of two years from the date of closing of the financing. At the discretion of the Company, Warrants will be subject to an accelerated expiry, such that if the closing price equals or exceeds $0.15 per share for 10 consecutive trading days, then the Company will provide notice to the warrant holders that the exercise period of the Warrants shall be reduced to 30 days, with the reduced period commencing seven calendar days following the tenth consecutive trading day.

The proceeds of the offering will be used for continued drilling of the El Alamo claim, drilling at the Los Gemelos claim, and for general working capital.

The securities issued pursuant to this Offering will be subject to a hold period under applicable securities laws, which will expire four months plus one day from the date of closing of the Offering. Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.

Drilling Update:

The Company is also pleased to report that its 2,500-meter diamond core drilling program (see News Releases of May 27, and June 4, 2019) at Galore's 100% owned El Alamo target and part of the larger Dos Santos project continues to progress well. A detailed update on the drilling program at El Alamo will be provided in the following weeks to come.

We thank our many stockholders for their continued support and we look forward to directing this Company to the future success we have all awaited.

If anyone is interested in participating in the Private Placement Offering, please contact Mike McMillan, CEO @ (210) 860-9212 (USA) or by email to: mike@galoreresources.com in order to receive subscription documentation and instructions. The Company expects to close the financing over the course of the next couple of weeks.

About Galore Resources

Galore Resources Inc. 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 mike@galoreresources.com.

Cautionary Statement: This document contains "forward-looking statements" within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations as well as a comprehensive list of risk factors are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates change, other than as required by law and readers are further advised not to place undue reliance on forward-looking statements.

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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Copyright (c) 2019 TheNewswire - All rights reserved.


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