Galantas Gold Corporation Close of Loan Agreement for US$530,000 (8506U)
04 August 2022 - 4:00PM
UK Regulatory
TIDMGAL
RNS Number : 8506U
Galantas Gold Corporation
04 August 2022
GALANTAS GOLD CLOSES LOAN AGREEMENT FOR US$530,000
August 4, 2022, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company")
announces the closing of the loan agreement ("Loan Agreement") for
US$530,000 (the "Loan") with Ocean Partners UK Ltd. ("Ocean" or the
"Lender").
Terms of the Loan Agreement, as previously announced on July 26,
2022:
-- The Loan matures on January 31, 2023 (the "Maturity Date").
-- The Loan will bear interest at an annual rate of 12%
compounded monthly and repayable in full on the Maturity Date.
-- US$10,000 commitment fee has been paid to Ocean.
-- 25,000 warrants (the "Bonus Warrants") have been granted to
Ocean, which will be exercisable for a period of 12 months at an
exercise price of CAD$0.48. The bonus Warrants are subject to a
hold period under applicable securities laws and the rules of the
TSX Venture Exchange, expiring on July 25, 2023.
-- US$20,000 extension fee will be paid to Ocean if the Company
elects to extend the Loan for a further six months from the
Maturity Date.
Proceeds from the Loan will be used to fund development of the
underground mining operations at the Omagh Gold Project in Northern
Ireland and working capital.
Ocean Partners is a person closely associated with Brent Omland,
a Director of Galantas (within the meaning of the EU Market Abuse
Regulation). Mr. Omland is CFO of Ocean Partners and is a nominee
of Ocean Partners on the board of Galantas and holds a minority
stake in, and is a director of, Ocean Partners' parent entity.
The notification set out below, made pursuant to Article 19(3)
of the Market Abuse Regulation which is part of UK law by virtue of
the European Union (withdrawal) Act 2018, provides further
details.
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, Samuel
Littler
Telephone: +44(0)20 7383 5100
Panmure Gordon & Co (AIM Joint Broker & Corporate
Adviser)
Hugh Rich, John Prior
Telephone: +44(0)20 7886 2500
SP Angel Corporate Finance LLP (AIM Joint Broker)
David Hignell, Charlie Bouverat (Corporate Finance)
Grant Barker (Sales & Broking)
Telephone: +44(0)20 3470 0470
(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: Ocean Partners UK Ltd
----------------------------------- ----------------------------------
Reason for the notification
2.
-----------------------------------------------------------------------
a) Position/status: Ocean Partners UK Ltd
is a person closely associated
with Brent Omland, a Director
of Galantas
----------------------------------- ----------------------------------
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 Share purchase warrants
instrument type of instrument
Identification Code ISIN: CA36315W3012
----------------------------------- ----------------------------------
b) Nature of the transaction Grant of warrants
----------------------------------- ----------------------------------
c) Price(s) and volume Price Volume
Nil 125,000
----------------------------------- ----------------------------------
d) Aggregated information N/A single transaction
----------------------------------- ----------------------------------
e) Date of the transaction July 26, 2022
----------------------------------- ----------------------------------
f) Place of the transaction Outside of a trading venue
----------------------------------- ----------------------------------
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END
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