Galantas Gold Corporation Galantas closes shares-for-debt transaction (6180X)
27 April 2023 - 4:00PM
UK Regulatory
TIDMGAL
RNS Number : 6180X
Galantas Gold Corporation
26 April 2023
GALANTAS GOLD ANNOUNCES CLOSING OF SHARES-FOR-DEBT
TRANSACTION
April 26, 2023, TORONTO, CANADA - Galantas Gold Corporation
(TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the " Company")
announces that, further to its news releases dated March 20 and
March 28, 2023, the Company has completed a shares-for-debt
transaction with several arm's length creditors of the Company (the
"Debt Settlement"), pursuant to which the Company has settled
approximately C$749,020 of indebtedness through the issuance of an
aggregate of 2,080,609 units of the Company (the "Units") at a
deemed price of C$0.36 per Unit.
Each Unit was comprised of one common share of the Company
(each, a "Common Share") and one Common Share purchase warrant of
the Company (each, a "Warrant"), with each Warrant entitling the
holder thereof to purchase one Common Share at a price of $0.55 per
Common Share until April 26, 2028. The securities issued pursuant
to the Debt Settlement are subject to a four-month hold period
under applicable Canadian securities laws which will expire on
August 27, 2023.
An application has been filed for admittance of 2,080,609
additional shares to AIM ("Admission") with Admission expected to
occur on or around April 28, 2023. Following Admission, the
Company's issued and
outstanding Common Shares will total 114,808,403.
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, and
exploring the Gairloch Project hosting the Kerry Road gold-bearing
VMS deposit in Scotland.
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 admission and timing of admission of the Common
Shares on AIM, 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, 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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