Galore Announces AGM Results, Private Placement Financing Closing and Loan Repayment

How about 'Monkey Business' in Clinton?

The Company has now closed its non-brokered private placement financing at $0.035 (the “Financing”), originally announced in its news releases of October 6, 2021. In the Financing, the Company issued a total of 23,385,752 common shares (“Shares”), raising gross proceeds of CAD $818,501.36. Closing of Private Placement The Shares issued in the Financing are subject to a four-month statutory hold period, which expires March 20, 2022.

A 98.9% majority of disinterested shareholder votes also ratified the previous grants of stock options to insiders. All of the items approved at the meeting are detailed in the Company’s Management Information Circular dated November 12, 2021, which can be found either on the Company’s website at www.galoreresources.com or on SEDAR at www.sedar.com. At the AGM, all incumbent directors, being Messrs. James Michael McMillan, Charles Troup and Kenneth Coe were reappointed to the Board. The Company’s Auditors, DeVisser Gray, LLP, Chartered Professional Accountants were reappointed as the independent Auditor of the Company for the ensuing year.

Subsequent to the AGM, directors re-appointed the following officers of the Company: Mr. James Michael McMillan as President and Chief Executive Officer, Mr. Andrew McMillan as Chief Financial Officer, and Ms. Pamela White as Corporate Secretary. At the Company’s Annual and Special General Meeting of shareholders held by teleconference on Tuesday, November 16, 2021 (the “AGM”), a total of 33,317,778 shares were voted at the meeting, representing 23.51% of the Company’s issued share capital.

The Corporation did not file a material change report more than 21 days before the expected closing of the Financing because the details of the participation therein by related parties of the Corporation were not settled until shortly prior to closing of the Financing and the Corporation wished to close on an expedited basis for business reasons. Repayment of Loan Story continues

Directors and insiders subscribed for an aggregate of 22,271,447 Shares representing aggregate gross proceeds of $779,500.64. The purchase of such Shares is considered to be a related-party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), but is exempted from the requirements to obtain a formal valuation and to obtain minority approval, as the purchase of securities does not exceed 25% of the Corporation’s market capitalization. The Corporation is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101. Related Party Participation in the Private Placement

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