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TORONTO, April 21, 2021 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (“Galantas” or the “Company”) is pleased to announce an amendment to the proposed Private Placement that will provide for the financing to bring the Galantas Gold Mine in Omagh, Northern Ireland, into full production.
Strong demand has been received for the Private Placement, which was detailed in a press release dated April 19, 2021 and this has resulted in a potential over-subscription. The Private Placement maximum (previously a maximum of 22 million “Units” at C$0.30 per Unit (the “Offering Price”), where each Unit comprises one common share and one warrant, has been increased to a maximum of 26,666,667 Units. The minimum gross proceeds expected to be raised remain as C$5,100,000, with maximum gross proceeds of C$8,000,000 (previously C$6,600,000). Each warrant will be exercisable into one additional share at an exercise price of C$0.40 for 24 months from the closing date of the placement. There will be a 4-month hold period on the trading of securities issued in connection with this offering.
The net funds raised will be mainly used for bringing the Galantas Gold Mine into full commercial production and for exploration to expand the high-grade gold resources. An increase in the maximum gross proceeds will permit the planned exploration program to be accelerated.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Grant Thornton UK LLP (AIM Nomad)
Philip Secrett, Harrison Clarke
Telephone: +44(0)20 7383 5100
Panmure Gordon & Co (AIM Broker & Corporate Adviser)
Nick Lovering, Hugh Rich
Telephone: +44(0)20 7886 2500