Galleon Gold Announces $20M Bought Deal Private Placement of Flow-Through and Hard Dollar Shares and $4.75M Concurrent Non-Brokered Private Placement
Galleon secures $24.75m cad to advance bulk sampling and exploration at its west cache project.
Galleon Gold Corp. announced a $20 million CAD bought-deal private placement comprising flow-through shares (FT) at $1.59/share and hard dollar shares (HD) at $1.12/share. A concurrent $4.75 million CAD non-brokered private placement was secured from strategic investor Pan American Silver Corp. at $1.12/share. Total gross proceeds amount to $24.75 million CAD, with a $3 million over-allotment option available to underwriters.
Proceeds will primarily fund the advancement of the West Cache Gold Project, incur Canadian exploration expenses, and support working capital. FT shares require renunciation of Canadian exploration expenses by December 31, 2026, with expenditures incurred by December 31, 2027. Closing is expected on or about November 3, 2026, subject to TSX Venture Exchange approval.
Galleon Gold Corp. (GGO) has secured financing that aligns with the capital requirements for its 86,500-tonne bulk sample program and ongoing 18,000-meter drill campaign. This development follows the company’s $30 million equity raise and $46 million credit facility secured in December 2025.
The transaction includes Pan American Silver as a concurrent non-brokered investor, a move that reinforces the strategic partnership and provides operational de-risking through potential toll-milling arrangements. The dilution is priced at a premium to recent trading levels, ranging from $1.12 to $1.59 compared to approximately $1.22, indicating institutional confidence.
The capital raise extends the runway to execute the already-announced development plan without introducing new strategic pivots, M&A activity, or unexpected operational breakthroughs.
Galleon Gold Corp. (GGO) is a pre-revenue gold exploration and development company focused on the 100%-owned West Cache Gold Project in the Timmins, Ontario gold camp. The project covers 11,580 hectares and sits within the prolific Destor-Porcupine Fault Zone.
The flagship asset, Zone #9, has demonstrated high-grade continuity, with drilling extending mineralization over 500 meters of vertical depth. The company is advancing an 86,500-tonne bulk sample program to de-risk the deposit and gather engineering, geological, and metallurgical data for future feasibility studies. A 2022 PEA indicated strong economics, with a post-tax NPV5% of $128.6M at $1,500/oz gold and $395.3M at $2,000/oz gold.