Business
Galantas Gold Announces C$2 Million Non-Brokered Private Placement Financing
TORONTO, March 01, 2023 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce a no
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, March 01, 2023 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce a non-brokered private placement (the \"Offering\") of up to 5,555,555 units (\"Units\") at a price of C$0.36 per Unit (the \"Offering Price\") for gross proceeds of up to C$2,000,000. Each Unit will consist of one common share of the Company (a \"Common Share\") and one Common Share purchase warrant (a \"Warrant\"), with each Warrant entitling the holder to purchase an additional Common Share at a price of C$0.55 per share for a period of 60 months from the closing date (the \"Expiry Date\"). There will be a 4-month hold period on the trading of securities issued in connection with this Offering. The net proceeds of the Offering are expected to be used for exploration including follow-up drilling targeting the high-grade dilation zones to depth at the Joshua Vein, the recently identified Kerr Vein target, development at Galantas’ gold project in Northern Ireland as well as exploration at the recently announced gold-rich volcanogenic massive sulphide project in Scotland, and general working capital purposes. The securities issued pursuant to the Offering will be subject to a 4-month statutory hold period in Canada. Completion of the Offering is subject to the receipt of all necessary approvals, including the conditional approval of the TSX Venture Exchange (the \"TSXV\"). Certain persons may be eligible to receive finder fees, payable in cash, representing up to 7% of the proceeds generated by such finders, in connection with the Offering. In addition, the Company may also issue to certain finders such number of compensation warrants (the \"Finder Warrants\") as is equal to 7% of the number of Units sold to subscribers identified by such finders pursuant to the Offering, at an exercise price of C$0.36 for a period of 24 months following the closing of the Offering. Closing of the Offering is expected to occur on or about March 21, 2023, and remains subject to the final approval of the TSXV. 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 ...