Galantas Gold Corporation Proposed Private Placement Maximum Size Increased (0959W)
April 21 2021 - 2:00AM
UK Regulatory
TIDMGAL
RNS Number : 0959W
Galantas Gold Corporation
21 April 2021
GALANTAS GOLD CORPORATION
TSXV - "GAL" - AIM
GALANTAS ANNOUNCES AN INCREASE IN THE MAXIMUM SIZE OF PROPOSED
PRIVATE PLACEMENT DUE TO STRONG DEMAND AND TO ACCELERATE
EXPLORATION PROGRAM
April 21, 2021 . Galantas Gold Corporation ("Galantas" or the
"Company") is pleased to announce an amendment to the proposed
Private Placement that will provide for the financing to bring the
Galantas Gold Mine in Omagh, Northern Ireland, into full
production.
Strong demand has been received for the Private Placement, which
was detailed in a press release dated April 19, 2021 and this has
resulted in a potential over-subscription. The Private Placement
maximum (previously a maximum of 22 million "Units" at C$0.30 per
Unit (the "Offering Price"), where each Unit comprises one common
share and one warrant, has been increased to a maximum of
26,666,667 Units. The minimum gross proceeds expected to be raised
remain as C$5,100,000, with maximum gross proceeds of C$8,000,000
(previously C$6,600,000). Each warrant will be exercisable into one
additional share at an exercise price of C$0.40 for 24 months from
the closing date of the placement. There will be a 4-month hold
period on the trading of securities issued in connection with this
offering.
The net funds raised will be mainly used for bringing the
Galantas Gold Mine into full commercial production and for
exploration to expand the high-grade gold resources. An increase in
the maximum gross proceeds will permit the planned exploration
program to be accelerated.
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.
Information communicated within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014 which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
Enquiries
Galantas Gold Corporation Roland Phelps CEng - President &
CEO
Email: info@galantas.com Website: www.galantas.com Telephone: +44 (0) 2882 241100
Grant Thornton UK LLP (AIM Nomad)
Philip Secrett, Harrison Clarke
Telephone: +44(0)20 7383 5100
Panmure Gordon & Co (AIM Broker & Corporate Adviser)
Nick Lovering, Hugh Rich
Telephone: +44(0)20 7886 2500
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END
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