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Recent fund raiser (placement) could possibly be used to pay off the outstanding £120k fine they received from the court after the safety failures during the mine collapse in 2018.
Flintridge Resources Limited, which operate the Cavanacaw Mine in Omagh, pleaded guilty to the health and safety failings after workers at the mine narrowly avoided injury during the collapse four years ago.
https://www.facebook.com/photo/?fbid=186017197399744&set=a.153914257276705&__cft__[0]=AZXljUbdDCPfscPPO_D5fNz_5KbAuc434FsQxpusPugbaDli4TbLTV7oFSxJ2miBRnSahzOdpi1vVAC_g7HBjo7X2LxONklwnPccV_fibtL9-hBiiM_r4446bvxp4C-cpRb6rJ4GykJat58SBteFcEF7w0IhaLQ6SZvAxx7Bjnk7Ii2LKeQeD1yD9DDfnymOVNI&__tn__=EH-R
Latest news regarding the Omagh mine site-, from Dungannon Court on Friday...
Operators of Omagh based gold mine fined following health and safety failures
https://www.hseni.gov.uk/news/operators-omagh-based-gold-mine-fined-following-health-and-safety-failures?fbclid=IwAR0MertGupFbv8HKemhJxC-XR-IF2tMWx4_-11vkbduIIxnlPUoyvFw2a1E#:~:text=The%20Health%20and%20Safety%20Executive,were%20today%20fined%20%C2%A3120%2C000
but are there any negatives? Surely there must be some concerns, otherwise things would be a lot better than they are now.
I always question when obvious difficulties are not mentioned... and wonder why they are omitted.
Anyone know why Flintridge Resources Ltd, and Omagh Minerals Ltd, are at the Magistrates Court in Omagh on 28th March? Perhaps Sajy, you could ask Mario?
MAGISTRATES DEPARTMENTAL at OMAGH COURTHOUSE on 28 Mar 2022 in COURT
10:00 PE, 22/019201 FLINTRIDGE RESOURCES LIMITED
10:00 PPS SUMMONSE, 22/01916, FLINTRIDGE RESOURCES LIMITED
MAGISTRATES DEFAULT REVIEW at OMAGH COURTHOUSE on 28 Mar 2022 in COURT 2
10:30 FCS Referral, 19/055388, OMAGH MINERALS LTD
https://onlineservices.courtsni.gov.uk/publiccourtlists/
I guess Galantas didn't have a lot of options... but this deal is reckless to say the least.
• The Loan matures on July 31, 2022 (the "Maturity Date").
• The Loan will bear interest at an annual rate of 10% compounded monthly payable upon repayment of the Loan.
• US$20,000 structuring fee has been paid to Ocean.
• US$40,000 consulting fee will be paid to Ocean, to be invoiced separately by Ocean.
The Loan is payable six months from date of closing of the issue of the Loan (the "Closing") and will bear interest at an annual rate of 10% compounded monthly payable upon repayment of the Loan.
Further dilutuion.....
As consideration for providing the Loan, Ocean will receive upon closing of the Loan Agreement, 250,000 warrants of Galantas (the "Bonus Warrants"), subject to acceptance by the TSX Venture Exchange. Each Bonus Warrant will be exercisable into one common share of Galantas for a period of 12 months from the Closing at an exercise price equal to the closing price of the Company's common shares on the TSX Venture Exchange on January 24, 2022.
Not 100% sure if this is related to the mine site?
https://wearetyrone.com/uncategorized-en/police-appeal-after-business-damaged-on-upper-botera-road/?fbclid=IwAR2-kUAPcRFNoH0Nc5tILvbaJLYXB81G7BXSD8SXktNfb1nKyfjGED3o6dI
Report on RTE national news yesterday-
https://www.rte.ie/news/regional/2021/1128/1263654-gold-mine-protest/
Smart idea- but it will probably take around 15 years for one of these to become available on the second-hand market so that Galantas can afford it. As Phelps has previously said during interviews, they've got some good engineers in Northern Ireland, and they've really ever only bought 'pre loved' equipment. In fairness the site looks a bit like a machinery grave yard.
The underlying geology is relatively soft rock- as demonstrated by the excavations in the current open pit... should be a 'no brainer'.