TORONTO, July 03, 2020 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the “Company” or “Galantas”) (TSXV & AIM : Symbol GAL), the AIM and TSX Venture Exchange (“TSXV”) quoted gold mine developer and explorer with a 100% interest in Northern Ireland’s Omagh gold mine, announces that due to investor demand, it has increased the proposed private placement of common shares (the “Private Placement”) announced on June 26, 2020.
The net proceeds to be raised by the Private Placement are intended to be used to support mine operations and provide general working capital for the Company.
The Private Placement is expected to include funds raised in both UK and Canadian currency and has increased to a maximum of 2,833,132 shares, at an issue price of CAD$0.225 (UK£0.1328) per share for maximum gross proceeds of CAD$637,454 (UK£376,240). Provisional indications have been received for the maximum amount. A four month plus one day hold period will apply to the shares and the shares will rank pari passu with the existing shares in issue of the Company. The Private Placement will be brokered and insiders of the Company are expected to participate in the Private Placement.
A further announcement will be made in due course detailing the results of the Private Placement, which is subject to TSXV and regulatory approval.
The gold mine at Omagh continues to deliver limited production of gold concentrate, from the processing of low grade stock. The processing plant uses a non-toxic flotation process to produce concentrates, without the use of cyanide or mercury. It satisfies strict environmental monitoring criteria set by the Northern Ireland regulatory authorities.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
Enquiries: Galantas Gold Corporation Roland Phelps C.Eng – President & CEO
Grant Thornton UK LLP (AIM Nominated Adviser) Philip Secrett, Harrison Clarke, Richard Tonthat: Telephone: +44(0)20 7383 5100
Whitman Howard Ltd (Broker & Corporate Adviser)
Nick Lovering : Telephone: +44(0)20 7659 1234