Galantas Gold Corporation Replacement RNS for Loan Agreement (5489Z)
25 January 2022 - 7:16PM
UK Regulatory
TIDMGAL
RNS Number : 5489Z
Galantas Gold Corporation
25 January 2022
The following amendments have been made to the 'Galantas Gold
Enters Into Loan Agreement' announcement released on 25 January
2022 at 7:00 under RNS No 4463Z.
In the third paragraph, the date used to determine the exercise
price has been changed from "the date of Closing" to "January 24,
2022".
All other details remain unchanged.
The full amended text is shown below:
GALANTAS GOLD ENTERS INTO LOAN AGREEMENT
January 25, 2022, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company")
announces that it has entered into a loan agreement ("Loan
Agreement") for US$1.06 million (the "Loan") with Ocean Partners UK
Ltd. ("Ocean" or the "Lender"). The Loan is to be used for further
development of the Omagh Gold Project in Northern Ireland and
working capital.
The Loan is payable six months from date of closing of the issue
of the Loan (the "Closing") and will bear interest at an annual
rate of 10% compounded monthly payable upon repayment of the
Loan.
As consideration for providing the Loan, Ocean will receive upon
closing of the Loan Agreement, 250,000 warrants of Galantas (the
"Bonus Warrants"), subject to acceptance by the TSX Venture
Exchange. Each Bonus Warrant will be exercisable into one common
share of Galantas for a period of 12 months from the Closing at an
exercise price equal to the closing price of the Company's common
shares on the TSX Venture Exchange on January 24, 2022.
In connection with the Loan Agreement, Galantas will also pay
Ocean a structuring fee of US$20,000 to be deducted from the
initial proceeds of the Loan, and a consulting fee of US$40,000
that will be invoiced separately by Ocean. Galantas may at its
option extend the Loan for a further six months by paying Ocean an
additional structuring fee of US$40,000.
The above terms are subject to TSX Venture Exchange approval
under the TSXV Policy 5.1 - Loans, Loan Bonuses, Finder's Fees and
Commissions.
Mario Stifano, CEO of Galantas, commented: "I want to thank
Ocean Partners for their continued, long-term support of Galantas,
and their willingness to work with us to achieve production at the
end of Q1 this year. We are excited to drive value for all our
shareholders and stakeholders by growing production and resources
at our highly prospective project."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
About Galantas Gold Corporation
Galantas Gold Corporation is a Canadian public company that
trades on the TSX-Venture Exchange and the London Stock Exchange
AIM market, both under the symbol GAL. It also trades on the OTCQX
Exchange under the symbol GALKF. The Company's strategy is to
create shareholder value by operating and expanding gold production
and resources at the Omagh Project in Northern Ireland.
Enquiries
Galantas Gold Corporation
Mario Stifano: Chief Executive Officer
Email: info@galantas.com
Website: www.galantas.com
Telephone: +44(0)28 8224 1100
Grant Thornton UK LLP (AIM Nomad)
Philip Secrett, Harrison Clarke, George Grainger
Telephone: +44(0)20 7383 5100
Panmure Gordon & Co (AIM Broker & Corporate Adviser)
Nick Lovering, Hugh Rich, John Prior
Telephone: +44(0)20 7886 2500
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END
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