Galantas Gold Corporation GALANTAS INCREASES PROPOSED PRIVATE PLACEMENT (0339S)
July 03 2020 - 9:55AM
UK Regulatory
TIDMGAL
RNS Number : 0339S
Galantas Gold Corporation
03 July 2020
GALANTAS GOLD CORPORATION
TSXV - "GAL" - AIM
GALANTAS INCREASES PROPOSED PRIVATE PLACEMENT
July 03 ,2020. Galantas Gold Corporation (the "Company" or
"Galantas") (TSXV & AIM : Symbol GAL), the AIM and TSX Venture
Exchange ("TSXV") quoted gold mine developer and explorer with a
100% interest in Northern Ireland's Omagh gold mine, announces that
due to investor demand, it has increased the proposed private
placement of common shares (the "Private Placement") announced on
June 26, 2020.
The net proceeds to be raised by the Private Placement are
intended to be used to support mine operations and provide general
working capital for the Company.
The Private Placement is expected to include funds raised in
both UK and Canadian currency and has increased to a maximum of
2,833,132 shares, at an issue price of CAD$0.225 (UKGBP0.1328) per
share for maximum gross proceeds of CAD$637,454 (UKGBP376,240).
Provisional indications have been received for the maximum amount.
A four month plus one day hold period will apply to the shares and
the shares will rank pari passu with the existing shares in issue
of the Company. The Private Placement will be brokered and insiders
of the Company are expected to participate in the Private
Placement.
A further announcement will be made in due course detailing the
results of the Private Placement, which is subject to TSXV and
regulatory approval.
The gold mine at Omagh continues to deliver limited production
of gold concentrate, from the processing of low grade stock. The
processing plant uses a non-toxic flotation process to produce
concentrates, without the use of cyanide or mercury. It satisfies
strict environmental monitoring criteria set by the Northern
Ireland regulatory authorities.
Neither TSXV nor its Regulation Services Provider (as that term
is defined in the policies of the TSXV) 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 Roland Phelps C.Eng -
President & CEO
Email: info@galantas.com Telephone: (UK) +44 (0) 2882 241100
Website: www.galantas.com
Grant Thornton UK LLP (AIM Nominated Adviser) Philip Secrett,
Harrison Clarke,
Richard Tonthat : Telephone: +44(0)20 7383 5100
Whitman Howard Ltd (Broker & Corporate Adviser)
Nick Lovering : Telephone: +44(0)20 7659 1234
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
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