Galleon Gold Corp. announced a non-brokered private placement of units and flow-through units on December 14, 2022. The transaction included participation of certain directors and officers of the company subscribing for an aggregate of 500,000 units and 50,000 flow-through units under the transaction on the same terms as arm's length investors. Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant and each flow-through unit consists of one common share of the company and one-half of one warrant. Each warrant entitles the holder to acquire an additional common share at a price of CAD 0.45 for a period of 24 months expiring on December 14, 2024. The company may complete one or more additional tranches of the transaction up to a maximum aggregate amount of CAD 3 million. Finders in connection with the transaction received an aggregate cash commission of CAD 90,952 and 350,199 non-transferable compensation warrants. Each finder warrant entitles the holder to acquire one common share at an exercise price of CAD 0.24 for a period of two years expiring on December 14, 2024. The securities comprising the units and flow-through units and any finders warrants issued with respect to the transaction, will be subject to a hold period of four months and one day in accordance with applicable securities laws. The transaction is subject to the final acceptance of the TSX Venture Exchange.

On the same date, the company issued 583,334 units at an issue price of CAD 0.24 for gross proceeds of CAD 140,000.16 and 6,495,620 flow-through units at an issue price of CAD 0.26 per unit for gross proceeds of CAD 1,688,861.2 in its first tranche for aggregate gross proceeds of CAD 1,828,861.