Red Ore Gold Inc. ("RXX"), a subsidiary of Galahad Metals Inc. (TSX VENTURE:GAX)
announced today that RXX plans to issue up to 10,000,000 non-brokered units at a
price of $0.10 per unit, with each unit comprised of one common share and one
common share purchase warrant, each whole warrant is exercisable at a price of
$0.20 per common share from the date of issue up to and including November 2013.
Management expects the issue to close on or about, but no later than October 30,
2011.


If all units offered pursuant to this private placement are sold, the net
proceeds to the Company are estimated to be approximately $ 900,000. The funds
are intended to fund phase one work program on the Company's Bottle Creek
property, further due diligence on the Ryepatch and Pogonip properties and for
working capital requirements.


The Company may pay a finder's fee with respect to subscriptions for units,
which fee shall be comprised of 10% of the subscription proceeds plus such
number of finder's warrants (on the same terms as the warrants) representing 10%
of the purchased units.


"The statements in this Press Release may contain forward looking statements
that involve a number of risks and uncertainties. Actual events or results could
differ materially from the Company's expectations and projections. 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."
Galahad Metals (TSXV:GAX)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Galahad Metals Charts.
Galahad Metals (TSXV:GAX)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Galahad Metals Charts.