Galane Gold Ltd. (TSXV:GG) agreed to acquire Summit Mine and Banner Mill in New Mexico of Pyramid Peak Mining, LLC for $17 million on March 16, 2021. Galane Gold Ltd. (TSX-V: GG; OTCQB:GGGOF) entered into a definitive agreement to acquire Summit Mine from Pyramid Peak Mining, LLC on April 7, 2021. The consideration included cash consideration of $6.0 million on closing of the acquisition, issuance to Pyramid Peak Mining, LLC on closing of 16 million common shares of Galane and warrants to purchase up to 16 million common shares of Galane for a period of three years from closing and cash consideration of $8.2 million upon commencement of production at the Mine. As of March 22, 2021, Galane Gold Ltd. announced C$9.0 million private placement to fund the initial cash consideration payable in connection with the Acquisition. The transaction is subject to the execution of the Purchase Agreement and the Lease, legal due diligence on the assets, completion of the Offering and approval of governmental and regulatory authorities, including the TSX Venture Exchange. The transaction is expected to close on or about May 16, 2021. Galane Gold Ltd. also closed its previously announced private placement of subscription receipts of Galane Gold Ltd. In connection with the Offering, Galane Gold Ltd. has issued 44,028,700 Subscription Receipts at a price of $0.22 per Subscription Receipt for aggregate proceeds of $9,686,314, including a lead order from Palisades Goldcorp Ltd. The net proceeds of the Offering will fund the initial cash consideration of $6 million payable at the closing of the Acquisition. The aggregate gross proceeds of the Offering, less 50% of the Agents’ commission and certain expenses of the Offering, will be held in escrow pursuant to the SRA pending closing of the Acquisition. If the Acquisition is not completed within 60 days after the closing of the Offering, subscription Receipt shall be cancelled. On closing of the Offering, the Agents received payment of 50% of the Agents’ Commission and were issued all the Broker Warrants. The remaining 50% of the Agents’ Commission will be paid to the Agents upon satisfaction of the escrow release conditions. Red Cloud Securities Inc. is acting as financial advisor to Pyramid Peak Mining, LLC. Brett A. Seifred of Davies Ward Phillips & Vineberg LLP acted as a legal advisor to Waterton Global Resource Management LP.