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Galantas Gold Corporation Publication of Information Circular
TORONTO, Jan. 29, 2020 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the “Company”), the AIM and TSX Venture Exchange (“TSX-V”) quoted gold producer and explor
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, Jan. 29, 2020 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the “Company”), the AIM and TSX Venture Exchange (“TSX-V”) quoted gold producer and explorer with a 100% interest in Northern Ireland’s Omagh gold mine, announces that further to the announcements on 16 December, 2019 and 16 January, 2020, the Company has on 28 January 2019 published an information circular (the “Circular”) relating to its proposed ten for one share consolidation (the “Share Consolidation”). The Circular contains information on the background to and reasons for the Share Consolidation, and the actions to be taken by the shareholders of the Company. Certain key sections of the Circular have been extracted and included below. Approval of Share Consolidation General The Special Meeting (the “Meeting”) of shareholders of the Company will be held on Tuesday, February 18, 2020 at 11:30 a.m. (Toronto time) at the offices of the Company at 82 Richmond Street East, Toronto, Ontario M5C 1P1. At the Meeting, the shareholders will be asked to consider and, if deemed advisable, to pass a special resolution (the \"Consolidation Resolution\"), with or without variation, authorizing certain amendments to the Company's articles to consolidate (the \"Share Consolidation\") the common shares of the Company (each a “Common Share”) on such terms as may be approved by the directors of the Company and regulatory authorities on the basis of one (1) post-consolidated Common Share for up to ten (10) pre-consolidated Common Shares. The Consolidation Resolution authorizes the Company to complete the Share Consolidation, which is described in detail below. Shareholders should note that the Circular posted to shareholders stated erroneously that directors and officers of the Company expected to convert approximately £1,000,000 (United Kingdom Pounds Sterling) into common shares following the Share Consolidation. This should have referred to Melquart Limited. Following the enactment of the Share Consolidation by the directors, if approved by the shareholders, it is anticipated that Melquart Limited, an insider of the Company will convert approximately £1,000,000 (United Kingdom Pounds Sterling) of debt into common shares, subject to the approval of the TSX-V. Reasons for the Shares Consolidation The Company believes that a consolidation of its Common Shares may be re...