Galantas Gold Corporation GALANTAS ANNOUNCES PROPOSED PRIVATE PLACEMENT (9431H)
06 August 2019 - 12:00AM
UK Regulatory
TIDMGAL
RNS Number : 9431H
Galantas Gold Corporation
05 August 2019
GALANTAS GOLD CORPORATION
TSXV - "GAL" - AIM
GALANTAS ANNOUNCES PROPOSED PRIVATE PLACEMENT
August 5, 2019. Galantas Gold Corporation (the "Company" or
"Galantas"), 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 a proposed private placement
of common shares (the "Private Placement").
The net proceeds to be raised by the Private Placement are
intended to be used to implement recently identified optimisation
initiatives at the Omagh gold mine, including increased
mechanisation and improved underground infrastructure, as well as
for general working capital of the Company.
The Private Placement is expected to include funds raised in
both UK and Canadian currency and is for a maximum of 23,529,412
shares, at an issue price of UKGBP0.0425 (CAD$0.068) per share for
maximum gross proceeds of UKGBP1,000,000 (CAD$1,600,000). 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 part brokered. Insiders
are expected to participate in the placing.
A further announcement will be made in due course detailing the
results of the Private Placement.
The underground gold mine at Omagh has commenced limited
production of gold concentrate, from feed produced in development
of the Kearney vein. 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.
Galantas Gold Corporation's Issued and Outstanding Shares total
299,686,805.
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 (Nominated Adviser)
Philip Secrett, Harrison Clarke, Richard Tonthat : Telephone:
+44(0)20 7383 5100
Whitman Howard Ltd (Broker & Corporate Adviser)
Nick Lovering, Grant Barker : Telephone: +44(0)20 7659 1234
This information is provided by RNS, the news service of the
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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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