Gala Global Inc. (OTCPK:GLAG) announced that it has entered into a security purchase agreement with new investor St. George Investments, LLC for private placement of convertible promissory note for gross proceeds of $255,000 on May 15, 2017. The note carries a coupon of 10% per annum and would mature on December 1, 2017. The convertible into common shares of the company at a conversion price that varies with the market price of the common stock, even if such security only becomes convertible following an event of default, the passage of time, or another trigger event or condition. The conversion floor price is $0.05 per share. The note will issue at an original issue discount of 8.92857%, for gross proceeds of $280,000. The company also issued warrants to purchase 486,873 common shares at an exercise price of $0.09 per share for a period of five years from the date of closing. The company will pay the transaction expenses of $5,000 in the transaction.