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(Alliance News) - Galantas Gold Corp on Friday said it entered into a trading deal with Ocean Partners UK Ltd to sell call options on 6,000 ounces of gold.
The Toronto-based mining company said Ocean Partners, a Maidenhead, England-based metal supplier, sold the call options are for 500 ounces per month from February 2024 to January 2025, at a strike price of USD1,775 per ounce.
Galantas said the sale is for proceeds of USD804,000, which will be used to fund the development of underground mining operations at the Omagh Gold Project in Northern Ireland, as well as working capital.
"We are grateful for the long-standing support of our shareholders who see the district-scale and high-grade potential of the Omagh Gold Project, and particularly Ocean for allowing Galantas to utilise its trading platform and credit lines that are not typically available to junior producers," Galantas Chief Executive Mario Stifano said.
"The sale of call options represents approximately 1% of our resource base, resulting in a strengthened balance sheet as we work towards production ramp-up in 2023."
Galantas shares were up 1.5% to 35.00 pence on Friday afternoon in London.
By Jaskeet Briah, Alliance News reporter
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