VANCOUVER, B.C., June 13, 2017 (GLOBE NEWSWIRE) -- Galileo Exploration Ltd. (TSX-V:GXL)
(the “Company”) has arranged a non-brokered private placement for gross proceeds of $500,000. The non-brokered
private placement will consist of 4,000,000 units (“Units”) at a price of $0.125 per Unit, for gross proceeds of $500,000 (the
“Private Placement”).
Each Unit will consist of one common share of the Company and one common share purchase warrant. Each Warrant
will be exercisable by the holder to purchase one common share of the Company at a price of $0.175 for 18 months from the date of
issuance.
Subject to regulatory approvals, the Company may pay to arm’s length finders a finder’s fee consisting of up to
7% of the amount raised by Finders in cash, and finder’s warrants up to 7% of the number of units sold by Finders under the Private
Placement. Each finder’s warrant (“Finder’s Warrant”) will entitle the holder thereof to acquire one common share of the Company at
an exercise price of $0.175 for 18 months from the closing date.
The Warrants and Finder’s Warrants are both subject to the following acceleration clause: if the closing trading
price of the shares on the TSX Venture Exchange (the “Exchange”) (or such other stock exchange on which the shares may be listed)
is at or greater than $0.50 per common share for any 10 consecutive trading days at any time commencing four (4) months after the
Closing Date, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and, in such case,
the Warrants will expire on the earlier of (a) the 60th day after the date on which such notice is given by the Company
and (b) the original expiry date of the Warrants. Any notice to be given by the Company to the Subscriber hereunder may be
given to the Subscriber at the facsimile number or email address of the Subscriber indicated on the cover page of the Subscription
Agreement.
Corporate Update
Mr. Ron Rieder, President and CEO noted: “Looking forward to the next 6 to 12 months, we anticipate final
approvals for our recently announced Majuba Hill Copper project and we have set aside property option spending requirements for
year one.
Consultants are identified and set to begin the 2017 exploration program, with applications for drilling permits
completed and awaiting submission to the proper authorities upon the Exchange’s confirmation of final approval. Further details of
the 2017 Galileo exploration initiatives will be released as soon as possible.
Gary Nordin, our consulting geologist, returned recently from a trip to Nevada, where he visited several
properties Galileo is in the process of reviewing. The recommendations received from Mr. Nordin are under consideration by the
Company, and funds raised through this financing may be used to secure option or joint venture agreements.”
In addition to the financing, the board of directors of Galileo has approved the issuance of 200,000 stock
options to its consultants and advisors at $0.15 per stock option, valid for a period of 3 years, vesting 25% quarterly, beginning
with the first 25% vesting immediately.
ON BEHALF OF GALILEO EXPLORATION LTD.
“Ron
Rieder”
Ronald A. Rieder
CEO/President
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.
Ronald A Rieder President/CEO Galileo Exploration Ltd. 604 727 4653 RRieder@GalileoExplorationLtd.com www.GalileoExplorationLtd.com
