TIDMGAL
RNS Number : 5709E
Galantas Gold Corporation
31 October 2022
GALANTAS GOLD PROVIDES UPDATE ON
RECENTLY COMPLETED PRIVATE PLACEMENT OF UNITS
Not for distribution to United States news wire services
or for dissemination in the United States
October 31, 2022, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company")
is providing an update on the Company's private placement of units
of the Company ("Units") as announced by way of news release on
August 8, 2022, August 11, 2022 and August 30, 2022. The Company
wishes to correct its disclosure to clarify that a portion of the
closing of such private placement represented "Shares for Services"
under TSX Venture Exchange Policy 4.3.
Pursuant to the private placement, on August 30, 2022, the
Company sold an aggregate of (i) 12,604,452 Units at a price of
C$0.45 per Unit (the "Offering Price") on a "best efforts" brokered
private placement basis (the "Brokered Offering") for gross
proceeds of C$5,672,003.40 and (ii) 506,667 Units at the Offering
Price on a non-brokered private placement basis (together with the
Brokered Offering, the "Offering") for gross proceeds of
C$228,000.15, for aggregate gross proceeds to the Company of
approximately C$5.9 million, including full exercise of the agents'
option. The balance of 2,222,222 Units were sold to QME Mining
Services (NI) Limited, a wholly owned subsidiary of Quarry &
Mining Equipment Limited, a third-party service provider on the
same terms as the Brokered Offering. The aggregate subscription
price for such Units, being $999,999.90, was offset against certain
fees payable to the third-party service provider by the Company
pursuant to a service agreement between the third-party service
provider and the Company dated August 30, 2022 (the "Shares for
Services Arrangement"), for the underground development towards the
Joshua Vein at the Omagh Gold Project. On September 15, 2022, the
Company announced the engagement of QME for this work.
The securities issued under the Offering and the Shares for
Services Arrangement are subject to a four-month hold period under
applicable Canadian securities laws which will expire on December
31, 2022. The Offering and the Shares for Services Arrangement are
subject to final acceptance of the TSX Venture Exchange.
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.
In all other respects, the information contained in the
Company's news release of August 30, 2022 remains the same.
The Company also reports SP Angel Corporate Finance LLP is now
the Company's sole AIM broker.
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
SP Angel Corporate Finance LLP (AIM 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 timing and ability of the Company to receive
necessary regulatory approvals, including the final acceptance of
the Offering and the Shares for Services Arrangement from the TSX
Venture Exchange, 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.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IOEFLFSLIFLIVIF
(END) Dow Jones Newswires
October 31, 2022 03:00 ET (07:00 GMT)
Galantas Gold (LSE:GAL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Galantas Gold (LSE:GAL)
Historical Stock Chart
From Apr 2023 to Apr 2024
