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Galantas Gold Announces Closing of Shares-for-Debt Transaction
TORONTO, April 26, 2023 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") announces that, further to
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, April 26, 2023 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (\"Galantas\" or the \"Company\") announces that, further to its news releases dated March 20 and March 28, 2023, the Company has completed a shares-for-debt transaction with several arm's length creditors of the Company (the \"Debt Settlement\"), pursuant to which the Company has settled approximately C$749,020 of indebtedness through the issuance of an aggregate of 2,080,609 units of the Company (the \"Units\") at a deemed price of C$0.36 per Unit. Each Unit was comprised of one common share of the Company (each, a \"Common Share\") and one Common Share purchase warrant of the Company (each, a \"Warrant\"), with each Warrant entitling the holder thereof to purchase one Common Share at a price of $0.55 per Common Share until April 26, 2028. The securities issued pursuant to the Debt Settlement are subject to a four-month hold period under applicable Canadian securities laws which will expire on August 27, 2023. An application has been filed for admittance of 2,080,609 additional shares to AIM (\"Admission\") with Admission expected to occur on or around April 28, 2023. Following Admission, the Company's issued and outstanding Common Shares will total 114,808,403. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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 reso...