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Jun 7, 2021

Galane Gold Completes Acquisition of the Summit Mine and Banner Mill in New Mexico and $9 Million Private Placement

Richard M. Kimel, Adria Leung Lim, Sean Green and Francesco Gucciardo

On May 19, 2021, Galane Gold Ltd. (“Galane”) (TSX-V: GG; OTCQB: GGGOF), through a wholly-owned subsidiary, completed the acquisition (the “Acquisition”) of the Summit Mine and the infrastructure constituting the Banner Mill (collectively, the “Assets”) in New Mexico from Pyramid Peak Mining, LLC, a wholly-owned subsidiary of Waterton Precious Metals Fund II Cayman, LP. The aggregate consideration paid for the Assets is US$17.0 million, consisting of cash consideration of US$6.0 million paid at closing, the issuance at closing of 16 million common shares of Galane at a deemed issuance price of C$0.22 per share and warrants to purchase up to 16 million common shares of Galane exercisable at an exercise price of C$0.30 for a period of three years, and cash consideration of US$8.2 million upon commencement of production at the Summit Mine.

In connection with the Acquisition, Galane also closed a private placement of subscription receipts on April 8, 2021 (the “Offering”). Canaccord Genuity Corp. acted as lead agent in connection with the Offering, on behalf of a syndicate of agents, including Research Capital Corporation. Galane issued 44,028,700 subscription receipts at a price of C$0.22 per subscription receipt for aggregate proceeds of C$9.7 million. Upon closing of the Acquisition, each subscription receipt converted into one Galane common share and one warrant with each warrant entitling the holder thereof to purchase one common share at a price of C$0.30 for a period of three years.

Aird & Berlis represented Galane Gold with a team including Richard Kimel, Adria Leung Lim, Sean Green, David Mba (Capital Markets) and Francesco Gucciardo (Tax).

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