Galena Capital Corp.: First Tranche of Private Placement Closes
22 May 2010 - 6:30AM
Marketwired
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.
Contacts: Galena Capital Corp. Arni Johannson Chairman (604)
683-7588 (604) 683-7589 (FAX)
Galena Capital Corp (TSXV:FYI)
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