TIDMGAL
RNS Number : 4967R
Galantas Gold Corporation
01 March 2023
GALANTAS GOLD ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
FINANCING
Not for distribution to United States news wire services or for
dissemination in the United States
March 1, 2023, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company")
is pleased to announce a non-brokered private placement (the
"Offering") of up to 5,555,555 units ("Units") at a price of C$0.36
per Unit (the "Offering Price") for gross proceeds of up to
C$2,000,000.
Each Unit will consist of one common share of the Company (a
"Common Share") and one Common Share purchase warrant (a
"Warrant"), with each Warrant entitling the holder to purchase an
additional Common Share at a price of C$0.55 per share for a period
of 60 months from the closing date (the "Expiry Date"). There will
be a 4-month hold period on the trading of securities issued in
connection with this Offering.
The net proceeds of the Offering are expected to be used for
exploration including follow-up drilling targeting the high-grade
dilation zones to depth at the Joshua Vein, the recently identified
Kerr Vein target, development at Galantas' gold project in Northern
Ireland as well as exploration at the recently announced gold-rich
volcanogenic massive sulphide project in Scotland, and general
working capital purposes.
The securities issued pursuant to the Offering will be subject
to a 4-month statutory hold period in Canada. Completion of the
Offering is subject to the receipt of all necessary approvals,
including the conditional approval of the TSX Venture Exchange (the
"TSXV").
Certain persons may be eligible to receive finder fees, payable
in cash, representing up to 7% of the proceeds generated by such
finders, in connection with the Offering. In addition, the Company
may also issue to certain finders such number of compensation
warrants (the "Finder Warrants") as is equal to 7% of the number of
Units sold to subscribers identified by such finders pursuant to
the Offering, at an exercise price of C$0.36 for a period of 24
months following the closing of the Offering.
Closing of the Offering is expected to occur on or about March
21, 2023, and remains subject to the final approval of the
TSXV.
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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
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 press 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 the terms of the Offering, the use of proceeds of the
Offering, the timing and ability of the Company to close the
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 press 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 press release, except
as required by law.
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END
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