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Galantas Gold Enters Into Binding Term Sheet for Joint Venture With Ocean Partners UK Limited to Develop Omagh Gold Project in Northern Ireland
TORONTO, June 09, 2025 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQB...
About this update from Galantas Gold Corporation
[{"type":"text","content":"Galantas Gold Enters Into Binding Term Sheet for Joint Venture With Ocean Partners UK Limited to Develop Omagh Gold Project in Northern IrelandUS$3.0 Million Investment for Exploration and Restart Plan, Shares for Debt Transactions and Notice of Annual General Meeting and Special Meeting\n\n\n\n TORONTO, June 09, 2025 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQB: GALKF) (“Galantas” or the “Company”) is pleased to announce that it has entered into a Binding Term Sheet with Ocean Partners UK Limited (“Ocean Partners”) on June 6, 2025 to joint venture the high-grade Omagh Gold Project in County Tyrone, Northern Ireland (the “Omagh Project”). Ocean Partners will exchange approximately US$14 million (GBP £10.3 million) in existing loans for an 80% interest in Flintridge Resources Limited (“Flintridge”) and an 80% interest in Omagh Minerals Ltd (“Omagh Minerals”), subsidiaries of Galantas which together own the Omagh Project (the “Proposed Transaction”). The remaining 20% interest in Flintridge and 20% interest in Omagh Minerals will be retained by Galantas. Following the Proposed Transaction, Ocean Partners will have the option to convert the approximately US$1 million (GBP £738,481) of remaining debt into a 0.001% interest in Flintridge at any time after mining has restarted on the Omagh Project.\n \n\n Ocean Partners will invest an initial US$3 million (GBP £2.2 million) in the Omagh Project for exploration, a restart plan and general and administrative costs for a period of up to one year (the “Initial Term”). After the Initial Term, Ocean Partners will have the option to invest an additional US$5 million (GBP £3.7 million) for exploration and commissioning a development program for a period of up to one year (the “Second Term”). Galantas will be free carried on the initial US$3 million (GBP £2.2 million) investment and will have the option to invest its pro-rata share on future investments, including the Second Term.\n \n\n Mario Stifano, CEO of Galantas, commented: “We are very pleased to enter into the Proposed Transaction with Ocean Partners, a long-standing stakeholder who recognizes the district-scale and high-grade potential of the Omagh P...