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Upsize to Private Placement of Units

11 Aug 2022 13:45

RNS Number : 7550V
Galantas Gold Corporation
11 August 2022
 

GALANTAS GOLD ANNOUNCES UPSIZE TOPRIVATE PLACEMENT OF UNITS

Not for distribution to United States news wire services orfor dissemination in the United States

August 11, 2022, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce that it has entered into an amending agreement with Canaccord Genuity Corp., on behalf of itself and a syndicate of agents including Cormark Securities Inc. and Research Capital Corporation (together, the "Agents"), to increase the size of the Company's previously announced proposed "best efforts" private placement to up to 13,333,340 units of the Company ("Units") at a price of C$0.45 per Unit (the "Offering Price") for aggregate gross proceeds of up to approximately C$6 million (the "Upsized Offering"). Each Unit will be comprised of one common share in the capital of the Company (each, a "Common Share") and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share (a "Warrant Share") at a price of C$0.55 per Warrant Share for a period of 30 months following the closing of the Upsized Offering.

The Company has also granted the Agents an option, exercisable, in whole or in part, at any time up to 48 hours prior to closing of the Upsized Offering, which will allow the Agents to sell up to an additional 2,000,001 Units at the Offering Price.

The Company intends to use the net proceeds of the Upsized Offering for exploration and development at the Joshua Target as well as for working capital and general corporate purposes.

The Upsized Offering is expected to close on or about August 25, 2022, or such other date as the Company and the Agents may agree, and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals, including the conditional acceptance of the TSX Venture Exchange. The Upsized Offering will be made by way of private placement in each of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements, and in such other jurisdictions, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction. The securities issued under the Upsized Offering will be subject to a four month hold period under applicable Canadian securities laws.

The securities offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold in the United States absent registration or an exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

About Galantas Gold Corporation

 

Galantas Gold Corporation is a Canadian public company that trades on the TSX Venture Exchange and the London Stock Exchange AIM market, both under the symbol GAL. It also trades on the OTCQX Exchange under the symbol GALKF. The Company's strategy is to create shareholder value by operating and expanding gold production and resources at the Omagh Project in Northern Ireland.

 

Enquiries

 

Galantas Gold Corporation

Mario Stifano: Chief Executive Officer

Email: info@galantas.com

Website: www.galantas.com

Telephone: +44(0)28 8224 1100

 

Grant Thornton UK LLP (AIM Nomad)

Philip Secrett, Harrison Clarke, George Grainger, Samuel Littler

Telephone: +44(0)20 7383 5100

 

Panmure Gordon & Co (AIM Joint Broker & Corporate Adviser)

Hugh Rich, John Prior

Telephone: +44(0)20 7886 2500

 

SP Angel Corporate Finance LLP (AIM Joint Broker)

David Hignell, Charlie Bouverat (Corporate Finance)

Grant Barker (Sales & Broking)

Telephone: +44(0)20 3470 0470

 

Forward-Looking Statements

 

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including, but not limited to, the terms of the Upsized Offering, the use of proceeds of the Upsized Offering, the timing and ability of the Company to close the Upsized Offering, the timing and ability of the Company to receive necessary regulatory approvals, and the plans, operations and prospects of the Company. Forward-looking statements are based on estimates and assumptions made by Galantas in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Galantas believes are appropriate in the circumstances. Many factors could cause Galantas' actual results, the performance or achievements to differ materially from those expressed or implied by the forward looking statements or strategy, including: gold price volatility; discrepancies between actual and estimated production, actual and estimated metallurgical recoveries and throughputs; mining operational risk, geological uncertainties; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of or availability of key employees; additional funding requirements; uncertainties regarding planning and other permitting issues; and defective title to mineral claims or property. These factors and others that could affect Galantas' forward-looking statements are discussed in greater detail in the section entitled "Risk Factors" in Galantas' Management Discussion & Analysis of the financial statements of Galantas and elsewhere in documents filed from time to time with the Canadian provincial securities regulators and other regulatory authorities. These factors should be considered carefully, and persons reviewing this news release should not place undue reliance on forward-looking statements. Galantas has no intention and undertakes no obligation to update or revise any forward-looking statements in this news release, except as required by law.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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IOEFLFSFTVILLIF
Date   Source Headline
6th Mar 20247:00 amRNSGEOPHYSICAL RESULTS & APPROVAL FOR NEW DRILLING
4th Mar 20247:00 amRNSUPDATE ON MARKETING CONTRACTS
6th Feb 20247:00 amRNSCLOSING OF DEBT SETTLEMENT TRANSACTION
21st Dec 20237:00 amRNSCLOSING OF US$2.6 MILLION PRIVATE PLACEMENT
6th Dec 20237:00 amRNSUpdate on Non-Brokered Private Placement
29th Nov 20237:00 amRNSRESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2023
9th Nov 20237:00 amRNSUP TO US$3.0 MILLION PRIVATE PLACEMENT
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18th Sep 20237:00 amRNSDrilling Results - Omagh Project
1st Sep 20236:19 pmRNSOmagh Gold - Updated NI 43-101 Technical Report
29th Aug 20237:00 amRNSRESULTS FOR THE 3 AND 6 MONTHS ENDED JUNE 30, 2023
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18th Jul 20237:00 amRNSResource Upgrade at Omagh Gold Project
10th Jul 20237:00 amRNSGairloch first exploration drill hole results
4th Jul 20237:00 amRNSOmagh Gold - Mineral Resource Estimate Update
28th Jun 20237:00 amRNSResult of AGM
22nd Jun 20237:00 amRNSNew Surface Exploration Drilling at Omagh
14th Jun 20237:00 amRNSSustainable Mine Plan expected in July
2nd Jun 20234:29 pmRNSPosting of annual report and notice of AGM
30th May 20237:00 amRNSRESULTS FOR THE QUARTER ENDED MARCH 31, 2023
15th May 20235:59 pmRNSClosure of Block Admission of Shares
2nd May 20237:00 amRNSResults for the year ended 31 December 2022
27th Apr 20237:00 amRNSGalantas closes shares-for-debt transaction
19th Apr 20235:28 pmRNSGalantas' Projects in areas identified by BGS
18th Apr 20237:00 amRNSGalantas Gold to Commence Drilling at Gairloch
11th Apr 20237:00 amRNSExtension to Underground Drilling Program
28th Mar 20237:00 amRNSClosing of C$2.9 Million Private Placement
21st Mar 20237:00 amRNSUPSIZE TO NON-BROKERED PRIVATE PLACEMENT FINANCING
1st Mar 202312:30 pmRNSNon-Brokered Private Placement Financing
24th Feb 20237:00 amRNSUPDATE ON THE OMAGH GOLD PROJECT
13th Feb 20237:00 amRNSLoan Agreement
9th Feb 20237:00 amRNSDrilling Results - 22.5 g/t Gold over 2.7 metres
30th Jan 20237:00 amRNSGAIRLOCH PROJECT WEBCAST ON FEBRUARY 1, 2023
27th Jan 20237:00 amRNSAcquisition of Gairloch Project
14th Dec 20227:00 amRNSBlock Admission Return and Total Voting Rights
9th Dec 20227:00 amRNSTrading Agreement Entered into with Ocean Partners
30th Nov 20227:00 amRNS3rd Quarter Results
22nd Nov 20227:00 amRNSMicon to Prepare Updated Mineral Resource Estimate
31st Oct 20227:00 amRNSUpdate on Recently Completed Private Placement
24th Oct 20228:05 amRNSDrilling Update - 14.2 G/T over 4.5 metres
15th Sep 20227:00 amRNSGalantas Engages QME
31st Aug 20222:42 pmRNSExercise of Warrants
31st Aug 20227:00 amRNSC$6.9 Million Private Placement Closes
26th Aug 20227:00 amRNSHalf-year Report
11th Aug 20221:45 pmRNSUpsize to Private Placement of Units
9th Aug 20227:00 amRNSPrivate Placement of up to C$4 million

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