Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Galleon Gold ( (TSE:GGO) ) has shared an announcement.
Galleon Gold has secured a senior secured credit facility of up to $46 million from Pan American Silver, providing key funding alongside a recently completed $30 million equity raise to advance underground development and infrastructure for a bulk sample at its West Cache Gold Project and for general corporate purposes. The loan, which bears prime plus 7% interest over a 24‑month term and is secured against most of the company’s assets, also enables an initial $11 million draw to repurchase an existing 3% net smelter return royalty on the project, while Pan American’s decision to take its $1.15 million arrangement fee in shares modestly increases its equity stake and underscores its strategic support of the project, though the related‑party nature of the transaction required reliance on standard regulatory exemptions.
More about Galleon Gold
Galleon Gold Corp. is a Canadian mineral exploration and development company focused on advancing its West Cache Gold Project near Timmins, Ontario. The company operates in the gold mining sector, targeting the development of underground resources and bulk sampling programs to advance the project toward potential production and enhance its position within the junior gold developer space.
Average Trading Volume: 345,544
Technical Sentiment Signal: Buy
Current Market Cap: C$82.95M
Learn more about GGO stock on TipRanks’ Stock Analysis page.