VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 5, 2014) - Galileo Petroleum Ltd. (TSX VENTURE:GPL) (the "Company") announces the Company's plan to undertake a combination of cash and shares for debt settlement arrangement to retire indebtedness in the aggregate amount of $64,706 to a certain creditor of the Company. The creditor has agreed to accept payment in full and final of the $64,706 on or before August 18, 2014 as follows: a) the sum of $19,412 and b) 905,890 common shares of the Company at an issue price of $0.05 per share.
The issuance of the common shares is subject to the approval of the TSX Venture Exchange.
ON BEHALF OF GALILEO PETROLEUM LTD.
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.