Business
Galantas Gold Closes Private Placement to Advance Plans to Increase Gold Production and Accelerate Exploration, and Announces Changes to Board and Management
TORONTO, May 18, 2021 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (“TSX-V: GAL; AIM: GAL) (“Galantas” or the “Company”) is pleased to announce the closing of
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, May 18, 2021 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (“TSX-V: GAL; AIM: GAL) (“Galantas” or the “Company”) is pleased to announce the closing of its oversubscribed private placement (the “Placement” or “Financing”) previously announced on April 21, 2021, to fund the Galantas Gold Mine in Omagh, Northern Ireland to full production and accelerate exploration plans to expand the high-grade gold resources. Private Placement The Placement resulted in the issuance of 26,663,264 units at a price of C$0.30 per “Unit” for aggregate gross proceeds of C$7,998,980. Each Unit comprises one Common Share and one Common Share purchase warrant. Each warrant will be exercisable into one additional Common Share at an exercise price of C$0.40 for 24 months from the closing date of the Placement. There is a 4-month and one day hold period on the trading of securities issued in connection with this Financing. Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 6,333,333 Units for consideration of C$1,900,000, resulting in the issuance of 6,333,333 Common Shares representing 8.6% of the issued and outstanding shares of the Company on a non-diluted basis. Mr. Sprott is a renowned and respected leader in the investment community and one of the world's premier gold and silver investors. Michael Gentile acquired 4,000,000 Units for consideration of C$1,200,000, resulting in issuance of 4,000,000 Common Shares representing 5.5% of the Company's issued and outstanding Common Shares on a non-diluted basis. Mr. Gentile is a retired professional money manager with over 20 years’ experience investing in the mining and natural resource sector. Currently, Mr. Gentile is an active investor in the junior mining space with significant positions in a number of companies. Melquart Limited (“Melquart”), a London-based investment firm and an existing shareholder, acquired 2,400,000 Units for consideration of C$720,000, increasing its holdings to 23,073,528 Common Shares representing 31.5% of the Company's issued and outstanding Common Shares on a non-diluted basis (the “Melquart Placing”). Ocean Partners UK Ltd. (“Ocean Partners”) acquired 1,666,667 Units of the Private Placement, for consideration of C$500,000 and the Company paid a finder’s fee of 41,667 Units to Ocean Partners resulting...