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Galena Capital Corp.: First Tranche of Private Placement Closes
4:30 PM ET, May 21, 2010
VANCOUVER, BRITISH COLUMBIA, May 21, 2010 (Marketwire via COMTEX) -- Galena Capital Corp. (FYI) (the "Company" or "Galena"), a Vancouver based company listed on the TSX Venture Exchange (the "Exchange"), is pleased to announce that it has completed the first tranche of a non-brokered private placement consisting of 24,565,000 units at a price of $0.05 each for aggregate gross proceeds of $1,228,250.
The Company has paid a cash finder's fees in the amount of $67,078.
Each unit consists of one common share and one-half of one transferable common share purchase warrant. Each whole warrant entitles the holder to subscribe for one additional common share at a price of $0.15 for a period of two years from the date of closing, subject to the Company's right to accelerate the term of the warrant if the volume-weighted average trading price of the Company's common shares on the Exchange exceeds $0.30 for 10 consecutive trading days at any time after September 21, 2010.
With the proceeds of this financing the Company intends to focus on cash flow opportunities in the oil and gas sector and for general working capital.
The shares and warrants in the private placement will be subject to a four-month "hold period" under applicable Canadian securities legislation expiring on September 22, 2010.
ON BEHALF OF THE BOARD OF DIRECTORS
GALENA CAPITAL CORP.
Arni Johannson, Chairman
SOURCE: Galena Capital Corp.
Galena Capital Corp.
Arni Johannson
Chairman
(604) 683-7588
(604) 683-7589 (FAX)
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