TIDMGAL
RNS Number : 7550V
Galantas Gold Corporation
11 August 2022
GALANTAS GOLD ANNOUNCES UPSIZE TO
PRIVATE PLACEMENT OF UNITS
Not for distribution to United States news wire services or
for dissemination in the United States
August 11, 2022, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the " Company")
is pleased to announce that it has entered into an amending
agreement with Canaccord Genuity Corp., on behalf of itself and a
syndicate of agents including Cormark Securities Inc. and Research
Capital Corporation (together, the "Agents"), to increase the size
of the Company's previously announced proposed "best efforts"
private placement to up to 13,333,340 units of the Company
("Units") at a price of C$0.45 per Unit (the "Offering Price") for
aggregate gross proceeds of up to approximately C$6 million (the
"Upsized Offering"). Each Unit will be comprised of one common
share in the capital of the Company (each, a "Common Share") and
one-half of one common share purchase warrant of the Company (each
whole common share purchase warrant, a "Warrant"). Each Warrant
will entitle the holder thereof to purchase one Common Share (a
"Warrant Share") at a price of C$0.55 per Warrant Share for a
period of 30 months following the closing of the Upsized
Offering.
The Company has also granted the Agents an option, exercisable,
in whole or in part, at any time up to 48 hours prior to closing of
the Upsized Offering, which will allow the Agents to sell up to an
additional 2,000,001 Units at the Offering Price.
The Company intends to use the net proceeds of the Upsized
Offering for exploration and development at the Joshua Target as
well as for working capital and general corporate purposes.
The Upsized Offering is expected to close on or about August 25,
2022, or such other date as the Company and the Agents may agree,
and is subject to certain closing conditions including, but not
limited to, the receipt of all necessary approvals, including the
conditional acceptance of the TSX Venture Exchange. The Upsized
Offering will be made by way of private placement in each of the
provinces of Canada pursuant to applicable exemptions from the
prospectus requirements, and in such other jurisdictions, in each
case in accordance with all applicable laws, provided that no
prospectus, registration statement or other similar document is
required to be filed in such jurisdiction. The securities issued
under the Upsized Offering will be subject to a four month hold
period under applicable Canadian securities laws.
The securities offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as
amended, or any state securities law, and may not be offered or
sold in the United States absent registration or an exemption from
such registration requirements. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any state in which
such offer, solicitation or sale would be unlawful.
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, 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
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 and applicable Canadian securities laws, including, but
not limited to, the terms of the Upsized Offering, the use of
proceeds of the Upsized Offering, the timing and ability of the
Company to close the Upsized Offering, the timing and ability of
the Company to receive necessary regulatory approvals, and the
plans, operations and prospects of the Company. Forward-looking
statements are based on estimates and assumptions made by Galantas
in light of its experience and perception of historical trends,
current conditions and expected future developments, as well as
other factors that Galantas believes are appropriate in the
circumstances. Many factors could cause Galantas' actual results,
the performance or achievements to differ materially from those
expressed or implied by the forward looking statements or strategy,
including: gold price volatility; discrepancies between actual and
estimated production, actual and estimated metallurgical recoveries
and throughputs; mining operational risk, geological uncertainties;
regulatory restrictions, including environmental regulatory
restrictions and liability; risks of sovereign involvement;
speculative nature of gold exploration; dilution; competition; loss
of or availability of key employees; additional funding
requirements; uncertainties regarding planning and other permitting
issues; and defective title to mineral claims or property. These
factors and others that could affect Galantas' forward-looking
statements are discussed in greater detail in the section entitled
"Risk Factors" in Galantas' Management Discussion & Analysis of
the financial statements of Galantas and elsewhere in documents
filed from time to time with the Canadian provincial securities
regulators and other regulatory authorities. These factors should
be considered carefully, and persons reviewing this news release
should not place undue reliance on forward-looking statements.
Galantas has no intention and undertakes no obligation to update or
revise any forward-looking statements in this news release, except
as required by law.
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END
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