Galantas Gold proposes private placement of shares
Galantas Gold Corporation has today announced a proposed private placement of shares, for working capital purposes, as well as to continue developing an underground mine on the Omagh property.
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The AIM and TSXV-quoted gold and producer explorer said the placement would be for a maximum of 20m shares for maximum gross proceeds of CDN$1.4m (£820,000), although a four-month hold would be imposed on the shares and issuance would be subject to approval by TSX Venture Exchange and regulators.
The new shares would rank 'pari passu' with existing shares in the company.
Galantas also said the placing would be on a part-brokered basis, adding that it was negotiating additional finance on a debt-related basis to provide extra funds in order to enable the development of the mine to be completed.