October 6, 2021
Galleon Gold Corp. (TSXV:GGO, BUY, C$0.35 target, Timothy Lee) announced it has closed its previously announced agreement (read more) for the sale of its non-core Kidd and Carnegie properties located in Ontario. The properties were sold to a private company and Noble Mineral Exploration Inc. (TSXV:NOB, Not Rated), with both parties maintaining a 50% ownership pursuant to the sale. As consideration, Galleon received C$250k in cash and 2M common shares of Noble. While expected, we view the divestment of these non-core assets positively, as it provides non-dilutive funding which could help fund the upcoming PEA for Galleon’s 100%-owned, flagship West Cache Au project in Timmins (read more). Read more
