Galleon Gold Corp. (TSXV: GGO) announced on November 3, 2026 the closing of its upsized bought deal private placement, raising approximately $30 million including the full exercise of the over-allotment option, alongside a concurrent $7 million non-brokered placement to Pan American Silver Corp. The combined offerings total approximately $37 million in gross proceeds. Funds will primarily support exploration and advancement of the West Cache Gold Project in Timmins, Ontario, a development investors have been closely tracking.

Key Points

  • Galleon Gold Corp. (TSXV: GGO) closed two concurrent private placements on November 3, 2026
  • The bought deal raised approximately $30 million; Pan American Silver subscribed $7 million in a non-brokered placement
  • Flow-through share expenditures will be renounced no later than December 31, 2026 and incurred no later than December 31, 2027
  • Investors may watch for TSXV final acceptance of the offerings and progress on the West Cache Gold Project

Structure of Galleon Gold's $30 Million Bought Deal Offering

Under the bought deal, Galleon Gold issued 4,717,000 flow-through shares at $1.59 per share for approximately $7.5 million in gross proceeds and 20,089,271 common shares at $1.12 per share for approximately $22.5 million, the latter including 2,678,571 shares issued on full exercise of the over-allotment option for roughly $3 million. The syndicate was led by ATB Cormark Capital Markets as lead underwriter and sole bookrunner, with Stifel Nicolaus Canada Inc. participating. Underwriters received a cash commission of 6.0% of gross bought deal proceeds. No commission was paid on the non-brokered offering.

Pan American Silver's $7 Million Strategic Participation

Pan American Silver Corp. subscribed for 6,250,000 common shares at $1.12 per share under the non-brokered offering, contributing $7 million in gross proceeds. The company also disclosed that certain directors and officers subscribed for 128,571 common shares under the bought deal for aggregate proceeds of approximately $144,000. Both participations constitute related party transactions under applicable rules; however, Galleon Gold relied on exemptions from formal valuation and minority shareholder approval requirements, as the fair market value of the related party involvement did not exceed 25% of the company's market capitalisation.

Proceeds Allocation and Flow-Through Commitments at West Cache

Galleon Gold states it intends to use flow-through share proceeds to incur Canadian exploration expenses qualifying as flow-through mining expenditures and eligible for the Ontario focused flow-through share tax credit at the West Cache Gold Project in Timmins, Ontario. These expenditures will be renounced to initial purchasers with an effective date no later than December 31, 2026, and incurred no later than December 31, 2027. Net proceeds from the hard-dollar shares and the non-brokered offering will fund project advancement, working capital, and general corporate purposes.