- Galleon Gold Corp. (GGO) has sold its 100 per cent interest in the William Lake Property to Leeuwin Metals PTY
- Galleon Gold received C$1,000,000 in cash as well as 2,500,000 common shares of Leeuwin
- Galleon Gold also received 2,500,000 consideration options with each option entitling it to acquire one share of Leeuwin at a price of AUD$0.50 (Australian dollar)
- Leeuwin is a private Australian mineral exploration company focused on listing on the Australian Securities Exchange
- Galleon Gold is an exploration and development company focused on advancing the West Cache Gold Project in Timmins, Ontario
- Galleon Gold Corp. remained unchanged at $0.40 at the opening of trading
Galleon Gold (GGO) has sold its 100 per cent interest in the William Lake Property to Leeuwin Metals PTY.
In line with the terms of the sale agreement, Galleon Gold Corp. received C$1,000,000 in cash as well as 2,500,000 common shares of Leeuwin.
In addition, Galleon Gold Corp. received 2,500,000 consideration options with each option entitling it to acquire one share of Leeuwin at a price of AUD$0.50 (Australian dollar) for a period of five years.
“We are very pleased to see the William Lake nickel project in the hands of an experienced and motivated team,” stated R. David Russell, President and CEO of Galleon Gold.
“We have always ascribed substantial value to this nickel asset, and have been very selective with regards to the terms of any sale agreement, and Leeuwin’s plans fit well with how we envisioned advancing the project, while driving shareholder value,” he added.
“Leeuwin is pleased to work with Galleon Gold on such a globally significant nickel project,” said Chris Piggott, Managing Director of Leeuwin Metals.
“We have identified the world needs more high-quality nickel mines and we are keen to begin work to realise the potential of William Lake,” he added.
Leeuwin is a private Australian mineral exploration company focused on listing on the Australian Securities Exchange.
William Lake is an advanced nickel exploration project located in Manitoba, Canada. The project is located in an infrastructure rich region, in the southern portion of the Thompson Nickel Belt.
Galleon Gold is an exploration and development company focused on advancing the West Cache Gold Project in Timmins, Ontario.
Galleon Gold Corp. remained unchanged at $0.40 at the opening of trading.