Galane Gold Mines Ltd announced a private placement of 40,909,090 subscription receipts at a price of CAD 0.22 per subscription receipts for gross proceeds of CAD 9,000,000 led by Palisades Goldcorp Ltd. subject to pricing constraints on March 16, 2021. Each subscription receipt shall convert into one common share and one common share purchase warrant without any further action on the part of the holder and without payment of additional consideration, upon satisfaction of the escrow release conditions including the satisfaction of all conditions precedent to completing the acquisition. Each warrant will entitle the holder thereof to purchase one common share at a price to be determined in the context of the market, for a period of three years following 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 pending closing of the acquisition. In the event that the acquisition is not completed within 60 days after of the closing of the offering, the escrow agent shall return to the holders of the subscription receipts an amount equal to the aggregate purchase price paid for the subscription receipts held by each holder. The agents shall have the option, exercisable until the closing of the offering, to sell up to an additional 6,136,364 subscription receipts at the issue price for additional gross proceeds to the company of up to CAD 1,350,000. The Offering is expected to close on or about April 8, 2021, and is subject to customary regulatory and stock exchange approvals, including approval of the TSX Venture Exchange. On March 22, 2021, the company announced that the the common share purchase warrants of the company issuable on conversion of the subscription receipts will be exercisable at a price of CAD 0.30 per common share for a period of three years following closing of the acquisition.