Business
Galane Gold Ltd. Announces Closing of Rights Offering
Galane Gold Ltd. Announces Closing of Rights Offering Galane Gold Ltd. Announces C...
About this update from Golconda Gold Ltd
[{"type":"text","content":"\n\n\n\nGalane Gold Ltd. Announces Closing of Rights Offering\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nGalane Gold Ltd. Announces Closing of Rights Offering\nCanada NewsWire\nTORONTO, May 9, 2016\n\n\n\nTORONTO, May 9, 2016 /CNW/ - Galane Gold Ltd. (\"Galane\" or the \"Company\") (TSX-V: GG) is pleased to announce that its previously announced rights offering (the \"Rights Offering\") has closed.\n\nDetails of the Rights Offering are as follows:\n\n\nthe aggregate gross proceeds from the Rights Offering were approximately $713,000;\npursuant to the basic subscription privilege under the Rights Offering, 60,568,856 common shares of Galane (\"Common Shares\") have been issued;\npursuant to the additional subscription privilege under the Rights Offering, 10,745,586 Common Shares have been issued;\n142,628,884 Common Shares are now issued and outstanding; and\nno fees or commissions were paid in connection with the Rights Offering.\n\nGalane CEO, Nick Brodie commented, \"Having reviewed options to fund the restart of our newly acquired Galaxy operation, we decided that giving existing shareholders an equal opportunity to invest in the future of the Company via a rights issue was the most desirable path forward.  I would like to thank our shareholders for their vote of confidence in our plans by ensuring the rights offering was heavily oversubscribed when taking into account additional subscription requests. We will now commence the recommissioning of the Galaxy plant and underground operations back up to their full production capacity plus installing a new tailings retreatment facility.\"\n\nGalane will announce information with respect to the breakdown of distributions under the basic subscription privilege and additional subscription privilege to insiders before the distributions under the Rights Offering, or persons who became insiders as a result of the distributions under the Rights Offering, when that information becomes available to Galane, after reasonable inquiry.\n\nAbout Galane Gold Ltd.\n\nGalane is an un-hedged gold producer and explorer with mi...