Galore Resources Inc.
TSX VENTURE : GRI

Galore Resources Inc.

August 09, 2012 15:29 ET

Galore Proposes to Extend Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 9, 2012) - Galore Resources Inc. (TSX VENTURE:GRI) (the "Company") proposes to extend by one (1) year, the expiry date of the following share purchase warrants:

  • Warrants to purchase up to 2,479,412 common shares at an exercise price of $0.27 per share, issued in connection with a non-brokered private placement completed in August 2009.

If accepted by the TSX Venture Exchange (the "Exchange"), the Company will further extend the expiry date of the 2,479,412 share purchase warrants from August 24, 2012 to August 24, 2013 (the "Extended Expiry Date"). The exercise price of these warrants will remain at $0.27 per share.

If, at any time prior to the Extended Expiry Date of the 2,479,412 warrants, the weighted average closing price of the Company's shares is $0.40 or greater for a period of 10 consecutive trading days ("Premium Trading Days"), the Company will impose a provision that the warrant holders will be given 30 days after the tenth Premium Trading Day to exercise their warrants, otherwise the warrants will expire on the 31st day.

The application to amend the warrants is subject to the exchange's acceptance, and the Company makes no assurances that the required acceptance for the extension of the term of the warrants will be granted.

Galore Resources is a British Columbia-based exploration company that has assembled a leading group of industry professionals to acquire and explore for promising deposits in Mexico and British Columbia.

Michael McMillan, Chief Executive Officer

For more information on Galore Resources (TSX VENTURE:GRI) visit www.galoreresources.com.

Cautionary Note Regarding Forward-Looking Information: The Company expressly warns readers not to rely on the information herein for investment or other related purposes. Accordingly, any use of this information is at your own risk and without liability to the company. The information contained herein is not, and under no circumstances is to be construed as either a public or a private offer or solicitation to purchase securities in the capital stock of Galore Resources Inc. The reader is referred to his/her professional investment advisor regarding investment or related decisions respecting the securities of the company. No securities commission or similar regulatory authority has passed on the merits of or reviewed the information contained herein.

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.

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