VANCOUVER, BC / ACCESSWIRE / November 16, 2015 / Galileo Petroleum Ltd. (TSXV: GPL) (the "Company") announces its intention to proceed with two non-brokered private placements.
Private Placement One
Under the private placement, the Company proposes to issue up to 2,000,000 common shares at a price of $0.05 per share for gross proceeds of up to $100,000.
Private Placement Two
Under the private placement, the Company proposes to issue up to 3,000,000 units ("Units") at a price of $0.05 per Unit for gross proceeds of up to $150,000. Each unit will consist of one common share of the Company and one common share purchase warrant (a "Warrant"); each Warrant will entitle the holder to purchase one common share of the Company at a price of $0.15 within one year of closing. Commencing four months after the closing of the private placement, if the closing price of the company's shares equals or exceeds $0.25 per share for a period of 10 consecutive trading days, the company will have the right to accelerate the expiry date of the warrants by giving the warrantholders at least 30 days written notice. A 7% finder's fee may be paid in cash on a portion of this Private Placement.
The net proceeds of the private placements will be used for working capital.
The Private Placements are subject to the approval of the TSX Venture Exchange.
ON BEHALF OF GALILEO PETROLEUM LTD.
"David Hottman"
David 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.
For further information contact:
David Hottman, President & CEO at 604-629-1929
Email: info@galileopetroleum.ca
SOURCE: Galileo Petroleum Ltd.
