VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/22/14 -- Galore Resources Inc. (TSX VENTURE: GRI) is pleased to announce that further to its news release of August 28, 2014 with regards to issuance of a Cease Trade Order by the BC Securities Commission, the Company has now filed its annual financial statements and MD&A for the year ended March 31, 2014 and its first quarter interim statements and MD&A for the period ended June 30, 2014. The BC Securities Commission issued a revocation of its Cease Trade Order on September 3, 2014. The Company has made an application to the TSX Venture Exchange for review of its compliance with TSX Venture Exchange requirements in order to lift the halt on the Company's stock, which it hopes to achieve shortly.
Further to its news release of June 10, 2014, wherein it had announced the re-commencement of its plans to conduct a non-brokered private placement financing for up to 9 Million units at a price of $0.05 per unit, the Company is continuing to collect subscriptions from investors. Upon reinstatement of trading, the Issuer plans to submit documentation relating to closing on a first tranche of the financing to the TSX Venture Exchange for approval. The Company intends to raise total gross proceeds of up to $450,000 and will be following up on completing a second tranche in due course. Each unit (a "Unit") will consist of one common share and one share purchase warrant. Each warrant will be exercisable into one additional common share at a price of $0.10 per share for a period of two years from the date of closing of the financing.
The proceeds of the offering will be used to commence the anomaly follow-up phase for Dos Santos and for general working capital.
The private placement shall be subject to acceptance by the TSX Venture Exchange and all securities issued will be subject to a 4 month hold period from the date of issuance.
Additionally, following the resignation of Mr. Michael Byrne as the Company's Chief Financial Officer ("CFO") announced in March this year, the Company has been seeking a suitable candidate to fill the position. In the interim, Mr. Uwe Schmidt, the Company's President has agreed to take on the role of Galore's CFO.
Galore Resources is a British Columbia-based exploration company with promising exploration properties in Mexico and British Columbia.
GALORE RESOURCES INC.
Uwe Schmidt, President, CFO and Director
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 release.
Contacts:
Galore Resources Inc.
Mike McMillan
(210) 860-9212 (USA) or Toll Free: 1 (877) 647-2298
Galore Resources Inc.
Uwe Schmidt
(604) 647-2298 (CAN) or Toll Free: 1 (877) 647-2298
uschmidt@galoreresources.com
www.galoreresources.com
