Press Releases
2009-10-14 13:43:12
Galena Capital Corp. Announces Private Placem
Vancouver, B.C., October 1, 2009 - Galena Capital Corp. (TSXV: FYI) (the "Company" or "Galena"), a Vancouver based company listed on the TSX Venture Exchange (the "Exchange"), announces that it intends to carry out a non-brokered private placement consisting of up to fifteen million units at a price of $0.075 each for aggregate gross proceeds of up to $1,250,000. Each unit is comprised of one common share in the capital of the Company and one half of one transferable share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to acquire one common share for $0.15 at any time within five years after the date the Warrants are issued.
Directors, officers and insiders of the company intend on participating in the private placement.
The Company may pay a finder's fee in cash equal to 6% of the gross proceeds or issue warrants equal to 6% of the number of units sold to arm's length parties. Each warrant will entitle the holder to purchase one common share at a price of $0.15 for a period of five years after the date the warrants are issued.
The closing of the private placement and the payment of any finder's fee are subject to the acceptance of the TSX Venture Exchange.
Proceeds from the financing will be used to advance the Company's Maureen Project (La Suerte Property) in Mexico, and as general working capital. Galena's focus is to create cash flow on its Maureen Project by processing 3,000 tonnes of ore currently sitting at surface. This will be accomplished by running two 12-hour shifts per day. The Company's Mexican subsidiary, Norma Mines, has recently hired Manuel (Luis) Arroyo as its project manager. Mr. Arroyo has relocated full time to the town of Tepic just 20 kms from the project site.
"We welcome Mr. Arroyo to the local management team. His expertise will greatly assist in the advancement of our Maureen project. It will also allow us to high grade the other opportunities we have in inventory. Mr. Arroyo is an invaluable addition, his tremendous level of dedication and experience will be critical as we move Galena towards our ultimate goal of being a Mexican precious metal producer" said Mr. Johannson.
Norma Mines has secured the surface rights to a property adjacent to the Maureen project and has completed construction of a mill on the property. At a recent site visit by Galena's Board of Directors, the mill was tested and proven to be ready for operations.
Please see the company web site for photo's and further information http://www.GalenaCorp.com/ .
ON BEHALF OF THE BOARD OF DIRECTORS
GALENA CAPITAL CORP.
ARNI JOHANNSON
CHAIRMAN 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 release.
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the completion of transactions, the timing and amount of payments and securities issuances, the completion of financings, the completion of Galena's three-step business plan, the use of proceeds, future exploration, development and production activities, future expenditures, and completion of technical reports. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete contemplated transactions, payments, share issuances and financings, the use of proceeds, the time and success of future exploration, development and production activities and the timing and amount of expenditures.
Back to Press ReleasesDirectors, officers and insiders of the company intend on participating in the private placement.
The Company may pay a finder's fee in cash equal to 6% of the gross proceeds or issue warrants equal to 6% of the number of units sold to arm's length parties. Each warrant will entitle the holder to purchase one common share at a price of $0.15 for a period of five years after the date the warrants are issued.
The closing of the private placement and the payment of any finder's fee are subject to the acceptance of the TSX Venture Exchange.
Proceeds from the financing will be used to advance the Company's Maureen Project (La Suerte Property) in Mexico, and as general working capital. Galena's focus is to create cash flow on its Maureen Project by processing 3,000 tonnes of ore currently sitting at surface. This will be accomplished by running two 12-hour shifts per day. The Company's Mexican subsidiary, Norma Mines, has recently hired Manuel (Luis) Arroyo as its project manager. Mr. Arroyo has relocated full time to the town of Tepic just 20 kms from the project site.
"We welcome Mr. Arroyo to the local management team. His expertise will greatly assist in the advancement of our Maureen project. It will also allow us to high grade the other opportunities we have in inventory. Mr. Arroyo is an invaluable addition, his tremendous level of dedication and experience will be critical as we move Galena towards our ultimate goal of being a Mexican precious metal producer" said Mr. Johannson.
Norma Mines has secured the surface rights to a property adjacent to the Maureen project and has completed construction of a mill on the property. At a recent site visit by Galena's Board of Directors, the mill was tested and proven to be ready for operations.
Please see the company web site for photo's and further information http://www.GalenaCorp.com/ .
ON BEHALF OF THE BOARD OF DIRECTORS
GALENA CAPITAL CORP.
ARNI JOHANNSON
CHAIRMAN 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 release.
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the completion of transactions, the timing and amount of payments and securities issuances, the completion of financings, the completion of Galena's three-step business plan, the use of proceeds, future exploration, development and production activities, future expenditures, and completion of technical reports. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete contemplated transactions, payments, share issuances and financings, the use of proceeds, the time and success of future exploration, development and production activities and the timing and amount of expenditures.
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