Galileo Petroleum Completes Debt Settlement
June 25 2014 - 11:44AM
Marketwired
Galileo Petroleum Completes Debt Settlement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 25, 2014) -
Galileo Petroleum Ltd. (TSX-VENTURE:GPL) (the "Company") announces
that it has issued a total of 5,613,080 common shares of the
Company at a deemed issue price of $0.05 per share to certain
creditors of the Company in settlement for certain debts owed by
the Company in the total amount of $280,654 (the "Shares for Debt
Settlement").
The common shares issued pursuant to the Shares for Debt
Settlement are subject to a hold period that expires on October 26,
2014.
The securities of the Company and the common shares issued
pursuant to the Shares for Debt Settlement have not and will not be
registered under the United States Securities Act of 1933, as
amended (the "1933 Act"), or the securities laws of any state of
the United States, and may not be offered or sold in the United
States absent registration or an applicable exemption therefrom
under the 1933 Act and the securities laws of all applicable
states.
ON BEHALF OF GALILEO PETROLEUM LTD.
David Hottman, President and CEO
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 News Release. This news release has been prepared
by management and no regulatory authority has approved or
disapproved the information contained herein.
Galileo Petroleum Ltd.David HottmanPresident &
CEO604-629-1929info@galileopetroleum.ca
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