Galileo Petroleum Ltd. (TSX Venture Exchange: GPL) (FWB: P5HH) (“Galileo”) or (the “Company”) is pleased to announce that the non-brokered private placement, “Private Placement One”, announced on September 4th has closed. The Company has issued 1,534,000 common shares at a price of $0.05 per share for gross proceeds of $76,700.
Additionally the Company has, subject to the approval of the TSX Venture Exchange (the “Exchange”), closed $75,800 of units under the non-brokered private placement “Private Placement Two”, also announced on September 4th. The Company will issue 1,516,000 units (“Units”) at a price of $0.05 per Unit. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant. Each whole common share purchase warrant is exercisable for one common share of the Company at a price of $0.10 until November 6th, 2017.
The Company has paid no finder fees in connection with this financing.
All securities issued under the placements, including the common shares issuable pursuant to the exercise of the Warrants will be subject to a four-month hold period which will expire on March 6th, 2016.
The proceeds of the placements will be used for general corporate purposes.
The securities of the Company and the securities to be issued pursuant to the Private Placement 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 N. Hottman”
David N. 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.