Toronto, Ontario, June 1, 2020 – Galleon Gold Corp. (the “Company”) (TSX-V: GGO) is pleased to announce that it has reached agreement with debenture holders (the “Debenture Holders”) for the early retirement of the outstanding C$945,212 8% convertible debentures due July 3, 2020 and the C$1,300,000 8% convertible debentures due November 28, 2020 (the “Agreement”).

Under terms of the Agreement, the Company will settle the outstanding principal and accrued interest plus interest payable to maturity (the “Outstanding Indebtedness”) through the delivery of units of the Company (the “Units”), with each Unit being comprised of one common share of the Company (the “Common Share”) and three quarters (3/4) of one common share purchase warrant (each whole warrant, the “Settlement Warrant”). Each Settlement Warrant is exercisable at a price of C$0.075 per Common Share until the date that is 30 months from the closing date.

The aggregate total of Outstanding Indebtedness of C$2,555,453 will be settled by the issuance of 42,590,884 Units at a deemed price of C$0.06 per Unit. In connection with the settlement, the Company will pay a work fee (the “Work Fee”) of C$60,000, to be settled through the issuance of 1,000,000 Common Shares at a deemed price of C$0.06 per share.

President and CEO, Mr. R. David Russell commented, “Upon conversion of the debentures, the Debenture Holders, including Concept Capital Management Ltd., will own approximately 14% of the outstanding shares of the Company. We welcome them as shareholders and thank them for their confidence in the Company.”

All the securities issued under the Agreement will be subject to a four-month and one day hold period commencing on the date of issuance. Completion of the debt settlements is subject to acceptance of the TSX Venture Exchange.

About Galleon Gold
Galleon Gold is a North American exploration and development company. Eric Sprott holds approximately 28 % of the Company’s outstanding common shares and is also the Company’s partner on the Neal Gold Project in Idaho. The Company’s flagship project, the West Cache Gold Project, is located 13 km from Timmins Ontario.