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Galantas Gold Increases Issue Price For GBP4 Million Private Placing (ALLISS)

Wed, 5th Dec 2018 15:00


LONDON (Alliance News) - Galantas Gold Corp said Wednesday its private placement, announced Friday last week, will be issued at CAD0.08625, or 5.0 pence, per share rather than CAD0.086.

Galantas Gold, on Friday, said it secured subscription agreements for all of its proposed share placing.

The AIM-listed gold producer received subscription agreements for the maximum amount of 80 million shares at the new price of CAD0.08625, worth GBP4.0 million.

Shares in Galantas were up 3.9% Wednesday at 6.75 pence each.

President & Chief Executive Roland Phelps intends to exchange debt owned to him personally by the company of GBP500,000 for 10 million shares, subject to shareholder approval. The debt is related to past management fees.

Meanwhile, Senior Investment Executive Roisin Magee, who currently does not hold any shares, will subscribe for 500,000 shares, representing an 0.2% holding.

Investment firm Melquart Ltd, which currently holds 19.2% stake in Galantas, intends to subscribed for 22 million shares, totalling GBP1.1 million. Following the admission, Melquart's holding is anticipated to total 20.8%.

Miton Asset Management, through three of its funds, plans to subscribe for 50 million shares, worth GBP2.5 million, which equates to 16.7% stake.

Following the admission, Galantas will have 209.7 million shares overall.

On Monday last week, Galantas said it will use proceeds from the private placement for working capital purposes and to achieve full production status at Northern Ireland's Omagh gold mine.

On Friday, the company said the underground gold mine at Omagh has commenced limited production of gold concentrate.

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 and has a zero lost time accident record since the start of underground development.

By Paul McGowan; paulmcgowan@alliancenews.com and Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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