VANCOUVER, BC / ACCESSWIRE / September 4, 2015 / Galileo Petroleum Ltd. (TSXV: GPL) (the "Company") announces the Company's plan to undertake a shares for debt settlement arrangement, and its intention to proceed with two non-brokered private placements.
The Debt Settlement Agreement
The Company intends to retire indebtedness in the aggregate amount of $81,700 to certain creditors of the Company, by issuing a total of 1,634,000 common shares of the Company at an issue price of $0.05 per share (the "Shares for Debt Settlement") on or before September 15th 2015.
Private Placement One
Under the private placement, the Company proposes to issue up to 1,634,000 common shares at a price of $0.05 per share for gross proceeds of up to $81,700.
Private Placement Two
Under the private placement, the Company proposes to issue up to 3,400,000 units ("Units") at a price of $0.05 per Unit for gross proceeds of up to $170,000, each Unit consisting of one common share of the Company and a one half common share purchase warrant. Each whole warrant will be exercisable for one common share of the Company at a price of $0.10 for a term of two years from the date of issuance. A 7% finder's fee may be paid in cash on a portion of this Private Placement.
The net proceeds of the private placement will be used for working capital.
The Shares for Debt Settlement and the Private Placement are subject to the approval of the TSX Venture Exchange.
ON BEHALF OF GALILEO PETROLEUM LTD.
"David Hottman"
David Hottman
President and CEO
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 News Release. This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.
SOURCE: Galileo Petroleum Ltd.