Vancouver, British Columbia--(Newsfile Corp. - September 21, 2015) - Galileo Petroleum Ltd. (TSXV: GPL) (the "Company") announces that it has issued a total of 1,634,000 common shares of the Company at a deemed issue price of $0.05 per share to certain creditors of the Company in settlement for certain debts owed by the Company in the total amount of $81,700 (the "Shares for Debt Settlement"). The amounts settled under the Shares for Debt Settlement were all cash advances received from creditors to support the operations of the Company during 2014 and early 2015.
The TSX Venture Exchange has waived the four month Exchange Hold Period attached to the common shares issued pursuant to the Shares for Debt Settlement, at the Company's request.
The securities of the Company and the common shares issued pursuant to the Shares for Debt Settlement have not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.
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.
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