Galantas Gold Closes Private Placement

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[{"type":"text","content":" TORONTO, July 20, 2020 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSXV & AIM: Symbol GAL) (the “Company”), the AIM and TSXV quoted gold producer and explorer with a 100% interest in Northern Ireland’s Omagh gold mine, announces that the proposed private placement (the “Private Placement”) for 2,833,132 common shares (“Common Shares”) for gross proceeds of CAD$637,454 (GBP£376,240), previously announced on June 26, 2020 and July 03, 2020, has now closed and was fully subscribed. The Private Placement has received conditional approval of the TSX Venture Exchange and closed on July 17, 2020 for 2,833,132 Common Shares for receipt of CAD$637,454 (GBP£376,240), “The Closing”). The net proceeds to be raised by the Private Placement are intended to be used to support mine operations and provide general working capital for the Company. The Private Placement included a subscription by LF Miton UK Smaller Companies Fund, which has subscribed for 527,108 Common Shares in the Private Placement and is managed by Premier Fund Managers Ltd (“Premier Miton”). Post-closing, this fund holds 3,222,330 shares, equivalent to 9.17% of the Company’s Common Shares. The total number of shares controlled by Premier Miton post completion of the Private Placement is 4,884,243, representing 13.89% of the Company’s enlarged issued and outstanding Common Shares. The Private Placement also included a subscription from Melquart Limited (“Melquart”), for 1,506,024 Common Shares, which gives rise to an enlarged holding of 9,262,595 Common Shares post completion of the Private Placement, or 26.35% of the Company’s enlarged issued and outstanding Common Shares. A four month hold period (the “Hold Period”) will apply to the Common Shares of the Private Placement. The Hold Period will expire on November 18, 2020. The shares issued pursuant to the Private Placement will rank pari passu with the existing Common Shares in issue of the Company. Commission payable to brokers in Canada and the United Kingdom in relation to the Private Placement totals CAD$33,673 (GBP£19,874). The broker who assisted with the Private Placement in Canada is Stephen Avenue Securities Inc. and the broker in the United Kingdom is Whitman Howard Limited. Premier Miton and Melquart are deemed to be related parties of the Company by virtue of being Substantial Shareholders of the Com...

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