Vancouver, B.C. / ACCESSWIRE / June 10 2014 / Galore Resources Inc. (TSX-V: GRI) is pleased to announce it has signed an Option Agreement to acquire the 5,603 hectare San Onesimo property, located south of the Dos Santos property in northern Zacatecas State, Mexico. Previous work on the San Onesimo property confirmed that the favourable host rocks the Company is exploring on Dos Santos, underlie the San Onesimo property. This is an early stage, underexplored property and a suitable target for applying Galore's exploration model developed at Dos Santos.
In April, the Company received the results for a 1,233 line-kilometre (770 line-mile) Helicopter Airborne Gravity Gradiometer and High Sensitivity Magnetic Survey over approximately 10,000 hectares (24,700 acres) of the Dos Santos Property. The Company has engaged an independent geophysicist familiar the geology of the area to provide an independent assessment and interpretation of the survey results.
In its news release of March 14, 2014, the Company announced a non-brokered private placement financing. Due to the soft conditions of the market at the time, the Board decided to postpone the financing until after it had received the results from the survey at Dos Santos.
The Company is therefore pleased to announce it will re-commence the process of conducting a non-brokered private placement financing for up to 9 Million units at a price of $0.05 per unit to raise gross proceeds of up to $450,000. Each unit (a "Unit") will consist of one common share and one share purchase warrant. Each warrant will be exercisable into one additional common share at a price of $0.10 per share for a period of two years from the date of closing of the financing.
The proceeds of the offering will be used to commence the anomaly follow-up phase for Dos Santos and for general working capital.
The private placement shall be subject to acceptance by the TSX Venture Exchange and all securities issued will be subject to a 4 month hold period from the date of issuance.
Galore also announces it has entered into a Loan Deferral Agreement with a principal of the Company. This lender provided the Company with a cash loan of approximately $96,000.00 Cdn in the first quarter of 2013, and was held subject to a Promissory Note. Under the Loan Deferral Agreement, the Lender has agreed to extend repayment of the loan, plus accrued interest, until October 31, 2014. As consideration for providing this extension to the Loan, the Company has agreed to issue to the lender, subject to TSX Venture Exchange approval, 425,000 share purchase warrants, exercisable at a price of $0.10 per warrant, for a period of five years from the date of issuance.
Galore Resources is a British Columbia-based exploration company with promising exploration properties in Mexico and British Columbia.
Uwe Schmidt, P.Geo. is the Qualified Person as identified by National Instrument 43-101 responsible for information in this release.
Galore Resources Inc.
"Uwe Schmidt"
President and Director
To find out more about Galore Resources (TSX.V:GRI) please contact:
Mike McMillan at (210) 860-9212 (USA),
Uwe Schmidt at (604) 647-2298 (CAN).
Toll Free: 1 (877) 647-2298
OR visit our website at www.galoreresources.com or contact us at [email protected].
Cautionary Note Regarding Forward-Looking Information: The Company expressly warns readers not to rely on the information herein for investment or other related purposes. Accordingly, any use of this information is at your own risk and without liability to the company. The information contained herein is not, and under no circumstances is to be construed as either a public or a private offer or solicitation to purchase securities in the capital stock of Galore Resources Inc. The reader is referred to his/her professional investment advisor regarding investment or related decisions respecting the securities of the company. No securities commission or similar regulatory authority has passed on the merits of or reviewed the information contained herein. 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.
SOURCE: Galore Resources Inc.