Galileo to undertake a combination of cash and shares for debt settlement (Scandinavian Oil-Gas Magazine)

Galileo to undertake a combination of cash and shares for debt settlement

Published Aug 7, 2014

Galileo Petroleum Ltd. plan to undertake a combination of cash and shares for debt settlement arrangement to retire indebtedness in the aggregate amount of $64,706 to a certain creditor of the Company.

The creditor has agreed to accept payment in full and final of the $64,706 on or before August 18, 2014 as follows: a) the sum of $19,412 and b) 905,890 common shares of the Company at an issue price of $0.05 per share.

The issuance of the common shares is subject to the approval of the TSX Venture Exchange.

Tags: Galileo Petroleum Ltd.

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