TIDMGAL
RNS Number : 9172B
Galantas Gold Corporation
26 September 2018
GALANTAS GOLD CORPORATION
TSXV and AIM: Stock Symbol - 'GAL'
GALANTAS CLOSES PRIVATE PLACEMENT
Date: September 26, 2018. Galantas Gold Corporation (the
"Company"), the AIM and TSX Venture Exchange quoted gold producer
and explorer with a 100% interest in Northern Ireland's Omagh gold
mine, announces that on September 25, 2018 it has closed the
previously announced private placement outlined in the disclosure
dated 7(th) September 2018 (the "Private Placement"), pending
delivery of final documentation.
Pursuant to the Private Placement, the Company issued 22,137,619
common shares of no par value ("Common Shares") for gross proceeds
of CDN$ 1,571,771 (UKGBP929,780) (the "Offering"), in line with the
terms and proposed price previously outlined. United Kingdom
placees have subscribed at a price of UKGBP0.042 per Common Share.
Canadian placees have subscribed at a price of CDN$0.071 per Common
Share.
A four month plus one day hold period ("Hold Period") will
apply. The Hold Period will expire on January 26th, 2019. The
shares issued pursuant to the Offering will rank pari passu with
the existing Common Shares in issue of the Company.
Melquart Ltd, ("Melquart") a UK based investment institution,
subscribed for 11,904,762 Common Shares, which, in addition to the
shares it already holds, gives rise to a holding of 19.2% of the
Company's issued Common Shares.
Mr. Ross Beaty ("Beaty") has subscribed for 2,380,952 Common
Shares, which, in addition to the shares he already holds, gives
rise to an 17.9% holding.
Mr. Roland Phelps ("Phelps"), President & CEO, Galantas Gold
Corporation, has subscribed for 4,761,905 Common Shares, which, in
addition to the shares he already holds, gives rise to an 18.7%
holding.
Beaty, Phelps and Melquart (together, the "Insiders") are deemed
to be related parties of the Company by virtue of being Substantial
Shareholders of the Company (as defined in the AIM Rules for
Companies). As a consequence, the Directors of the Company
(excluding Mr. Phelps) consider, having consulted with their
nominated adviser, Grant Thornton UK LLP, that the terms of the
Offering to these parties are fair and reasonable insofar as
shareholders are concerned.
Additionally, the subscriptions made by the Insiders are related
party transactions, within the meaning of TSX Venture Exchange
Policy 5.9 and Multilateral Instrument 61-101 ("MI 61-101"). The
Company has relied on the exemptions from the formal valuation and
minority approval requirements of MI 61-101 contained in sections
5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party
participation.
The Company has applied for admission of the Common Shares in
connection with the Offering to trading on the AIM market of the
London Stock Exchange ("Admission") with Admission expected to
occur on or around 1 October 2018.
Following Admission and the closing, Galantas Gold Corporation's
Issued and Outstanding Common Shares will total 209,686,805.
Finders fees paid in connection with the Offering were a total
of CDN$53,657 (GBP31,741).
The net proceeds raised by the Offering are intended to be used
for working capital purposes and to continue underground
development at the Omagh gold mine.
Roland Phelps, President & CEO, Galantas Gold Corporation,
said, "I am delighted to welcome the continued support from our
shareholders. The funding allows us to continue the underground
development of the Omagh gold-mine. The Kearney vein has been
accessed and limited mill feed is being produced from vein
development.
Safety remains a top priority. Conscious to maintain the record
of zero lost time accidents, investments continue to be made in
safety related matters, including training, equipment and
infrastructure.
A new drill rig is operational and the delivery of new loading
equipment is anticipated in October. The specification of the new
loader is anticipated to lead to productivity improvements when
operating within vein developments. The main access tunnel
(decline) continues to be developed towards lower levels. Two
larger, 14 tonne capacity, used loaders have been purchased for use
in developing the decline. One has been refurbished in-house and is
in operation."
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.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Enquiries : Galantas Gold Corporation
L. Jack Gunter P.Eng - Chairman, Roland Phelps C.Eng - President
& CEO
Email: info@galantas.com Telephone: (UK) +44 (0) 2882 241100
Website: www.galantas.com
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett, Richard Tonthat, Harrison Clarke: Telephone:
+44(0)20 7383 5100
Whitman Howard Ltd (Broker & Corporate Adviser)
Nick Lovering, Grant Barker: Telephone: +44(0)20 7659 1234
(UK) DEALING NOTIFICATION FORM
FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND
THEIR CLOSELY ASSOCIATED PERSONS
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Roland Phelps
Reason for the notification
2.
a) Position/status: President and Chief Executive
Officer and Director
b) Initial notification/Amendment: Initial Notification
3. Details of the issuer, emission
allowance market participant,
auction platform, auctioneer
or auction monitor
a) Name: Galantas Gold Corporation
b) LEI: LEI: 213800JKVPLLKO4KVB93
4. Details of the transaction(s):
section to be repeated for
(i) each type of instrument;
(ii) each type of transaction;
(iii) each date; and (iv)
each place where transactions
have been conducted
a) Description of the financial Common Shares of nil par
instrument type of instrument value
Identification Code
ISIN: CA36315W2022
b) Nature of the transaction Purchase of shares in
a private placement
c) Price(s) and volume GBP0.042 4,761,905 shares
d) Aggregated information 4,761,905 shares purchased
at GBP0.042 per share
e) Date of the transaction 25(th) September 2018
f) Place of the transaction Outside a trading venue
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IOEFKPDKABKDFCB
(END) Dow Jones Newswires
September 26, 2018 02:00 ET (06:00 GMT)
Galantas Gold (LSE:GAL)
Historical Stock Chart
From Apr 2024 to May 2024
Galantas Gold (LSE:GAL)
Historical Stock Chart
From May 2023 to May 2024