Galileo Exploration Ltd. (TSX Venture Exchange: GXL) (the “Company”) provides the following additional disclosure in relation to the private placement financing which closed as previously announced by news release dated October 11, 2017 (the “Private Placement”).
A certain insider of the Company purchased or acquired direction and control over a total of 2,500,000 units under the Private Placement. The placement to that person constitutes a “related party transaction” within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61‑101 ‑ Protection of Minority Security Holders in Special Transactions (“MI 61‑101”) adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61‑101 contained in sections 5.5(b) and 5.7(1)(b) of MI 61‑101 in respect of related party participation in the placement. Further details will be included in a material change report to be filed by the Company. The material change report was not filed more than 21 days prior to closing of the placement due to the timing of the announcement of the Private Placement and closing occurring in less than 21 days.
ON BEHALF OF GALILEO EXPLORATION LTD.
Ronald A. Rieder CEO/President
Galileo Exploration Ltd.
407 - 325 Howe Street
Vancouver, BC V6C 1Z7
Tel: (604) 629-1929
Fax: (604) 629-1930
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.