Galleon Gold Corp. announced a non-brokered private placement of convertible debenture units at a price of CAD 1,000 per unit on April 12, 2024. Each debenture unit consists of CAD 1,000 in principal of convertible debentures and 3,030 common share purchase warrants of the company. Each warrant will be exercisable to acquire one common share of the company for a period of three years from the date of issuance at an exercise price of CAD 0.25 per warrant share. The debentures will bear interest at a rate of 7.5% per annum from the date of issuance until the maturity date and payable semi-annually in arrears and will have a three-year term. Holders shall have the option cause the corporation to redeem the Debentures on the 24-month anniversary of the Debentures by providing written notice to the corporation at least 15 days prior to the 24-month anniversary of the debentures. During the Term, the company will have the option to pay interest payments in cash or make payments-in-kind by way of issuance of common shares of the company at a price equal to the market price of the common shares at the time the accrued interest becomes payable. At any time during the term, each holder of debentures may elect to convert any portion of the principal amount of the debentures into common shares at a conversion price equal to CAD 0.165 per common share. The company may complete one or more additional tranches of the Offering up to a maximum aggregate amount of CAD 3,000,000. The Debentures, Warrants and underlying Common Shares, will be subject to a hold period of four months and one day in accordance with applicable securities laws. The Offering is subject to the final acceptance of the TSX Venture Exchange.

On the same day, the company has issued 1,032 convertible debenture units at a price of CAD 1,000 per unit for the gross proceeds of CAD 1,032,000 in its first tranche closing. Finder's fees consisting of a cash commission of CAD 38,220 and 115,807 non-transferrable finders warrants have been paid in connection with the first tranche of the Offering. Each finder warrant entitles the holder to acquire one common share at CAD 0.165 per share over a two year period.