Galena Capital Corp.
TSX VENTURE : FYI

Galena Capital Corp.

May 21, 2010 16:30 ET

Galena Capital Corp.: First Tranche of Private Placement Closes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 21, 2010) - Galena Capital Corp. (TSX VENTURE:FYI) (the "Company" or "Galena"), a Vancouver based company listed on the TSX Venture Exchange (the "Exchange"), is pleased to announce that it has completed the first tranche of a non-brokered private placement consisting of  24,565,000 units at a price of $0.05 each for aggregate gross proceeds of $1,228,250. The Company has paid a cash finder's fees in the amount of $67,078.

Each unit consists of one common share and one-half of one transferable common share purchase warrant. Each whole warrant entitles the holder to subscribe for one additional common share at a price of $0.15 for a period of two years from the date of closing, subject to the Company's right to accelerate the term of the warrant if the volume-weighted average trading price of the Company's common shares on the Exchange exceeds $0.30 for 10 consecutive trading days at any time after September 21, 2010.

With the proceeds of this financing the Company intends to focus on cash flow opportunities in the oil and gas sector and for general working capital. 

The shares and warrants in the private placement will be subject to a four-month "hold period" under applicable Canadian securities legislation expiring on September 22, 2010.

ON BEHALF OF THE BOARD OF DIRECTORS

GALENA CAPITAL CORP.

Arni Johannson, Chairman

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.

Contact Information

  • Galena Capital Corp.
    Arni Johannson
    Chairman
    (604) 683-7588
    (604) 683-7589 (FAX)