Galleon Gold Announces Interest Payment on Convertible Debentures

Core Viewpoint - Galleon Gold Corp. has opted to fulfill its interest payment obligations on convertible debentures by issuing common shares instead of cash, which is subject to approval from the TSX Venture Exchange [1][3]. Group 1: Convertible Debentures and Interest Payments - The company issued convertible debentures on April 12, 2024, April 19, 2024, and April 29, 2024, and has decided to pay accrued interest by issuing common shares [1][2]. - A total of $87,012.74 in interest will be paid by issuing 134,998 common shares for the interest payments due on April 12, 2025, and April 19, 2025 [3]. - An additional $45,211.64 in interest will be satisfied by issuing 67,637 common shares for the interest payment due on April 29, 2025 [4]. Group 2: Related Party Transactions - Certain officers and insiders of the company hold the convertible debentures, making the interest payment a "related party transaction" under Multilateral Instrument 61-101 [5]. - The interest payment is exempt from minority approval and formal valuation requirements as neither the fair market value of the debt nor the shares to be issued exceeds 25% of the company's market capitalization [5]. Group 3: Company Overview - Galleon Gold is focused on the West Cache Gold Project in Timmins, Ontario, which is located near significant mining operations [6]. - The company is preparing for its first test mining at West Cache, with an 86,500-tonne underground bulk sample aimed at providing data for feasibility studies [6]. - The strategy of Galleon Gold includes systematically derisking the project while pursuing grassroots exploration to enhance asset value [6].