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Galantas Gold Announces Closing of C$2.9 Million Private Placement of Units and Terms of Shares-for-Debt Transaction, and Issuance of Warrants
TORONTO, March 27, 2023 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce that
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, March 27, 2023 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (\"Galantas\" or the \"Company\") is pleased to announce that it has closed its previously announced non-brokered private placement (the \"Offering\"), pursuant to which the Company sold an aggregate of 8,230,951 units of the Company (\"Units\") at a price of C$0.36 per Unit for aggregate gross proceeds of C$2,963,142.36. Each Unit was comprised of one common share of the Company (a \"Common Share\") and one Common Share purchase warrant (a \"Warrant\"), with each Warrant entitling the holder thereof to purchase one Common Share at a price of C$0.55 per share until March 27, 2028. The Offering was oversubscribed. 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 and 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 for general working capital purposes. Canaccord Genuity Corp., Sprott Capital Partners LP, Echelon Wealth Partners Inc., Haywood Securities Inc., Research Capital Corporation, Apex GT Capital Corp. and Red Cloud Securities Inc. (collectively, the \"Finders\") acted as finders in connection with the Offering. In consideration for their services, the Company paid the Finders cash finder's fees in the aggregate amount of C$130,966.41, representing 7% of the gross proceeds generated by such Finders pursuant to the Offering. In addition, the Company also issued an aggregate of 237,162 non-transferable compensation warrants (the \"Finder's Warrants\") to the Finders, representing 7% of the number of Units sold to subscribers identified by such Finders pursuant to the Offering. Each Finder's Warrant entitles the holder thereof to purchase one Common Share at a price of C$0.36 per share until March 27, 2025. In consideration for providing certain advisory services to the Company in connection with the Offering, the Company also paid an advisory fee to Research Capital Corporation in the amount of C$16,000. Existing shareholder Ross Beaty acquired 1,000,000 Units for consideration of C$360,000. Ocean Partners UK Ltd. acquired 691,666 Units ...