Galantas Gold Corporation

Published : June 10th, 2016

Galantas closes over-subscribed private placement and share for debt exchange.

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Galantas closes over-subscribed private placement and share for debt exchange.

GALANTAS GOLD CORPORATION

TSXV and AIM: Stock Symbol - 'GAL'

GALANTAS CLOSES OVER-SUBSCRIBED PRIVATE PLACEMENT

Date : 10 June 2016. Galantas Gold Corporation (the 'Company'), the AIM and TSXV quoted gold producer and explorer with a 100% interest in Northern Ireland's Omagh gold mine, announces the closing of an over-subscribed private placement that was announced 11 May 2016.

Placing priority was given to existing shareholders, with 18,619,841 common shares issued, at a price of CDN$0.07875 per common share (the 'Placing') for a total of CDN$1,466,312. A four month hold period will apply, which expires on 10 October 2016. The shares issued pursuant to the Placing will rank pari passu with the existing common shares in issue of the Company.

The majority of the placement was taken up by Mr. Ross Beaty, who acquired 12,825,397 common shares. As a consequence of the Placing, Mr. Beaty has an interest in 28,825,397 Common Shares or 20.9% of the Company's issued common shares and continues to have an interest in 16,000,000 warrants.

In addition to the private placement, Roland Phelps, President & CEO, Galantas Gold Corporation, entered into a shares for debt exchange on the same terms as the placement, including the four month hold period, expiring 11 October 2016. Mr. Phelps exchanged debt accruing to him, as of 31 March 2016, for CDN$935,852 for 11,883,835 common shares (the 'Debt Exchange'). Shareholder consent was received for the Debt Exchange by means of a written resolution, with a majority of disinterested shareholder votes consenting.

Following the Debt Exchange, Mr. Phelps holds 33,356,750 common shares, representing 24.2% of the enlarged number of common shares in issue.

Mr. Phelps is deemed to be a related party of Galantas by virtue of being a Director of the Company (as defined in the AIM Rules for Companies). As a consequence, the Directors of the Company (other than Mr. Phelps) consider, having consulted with their nominated adviser, Grant Thornton UK LLP, that the terms of the Debt Exchange are fair and reasonable insofar as shareholders are concerned.

Mr. Beaty is deemed to be a related party of Galantas by virtue of being a Substantial Shareholder of the Company (as defined in the AIM Rules for Companies). As a consequence, the Directors of the Company consider, having consulted with their nominated adviser, Grant Thornton UK LLP, that the terms of the Placing to Mr. Beaty are fair and reasonable insofar as shareholders are concerned.

The Company has applied for admission of the common shares in connection with the Placing and the Debt Exchange to trading on the AIM market of the London Stock Exchange ('Admission') with Admission expected to occur on or around 16 June 2016.

Roland Phelps, President & CEO, Galantas Gold Corporation, said, 'I am delighted with the support demonstrated by shareholders and welcome the increased participation by Ross Beaty. The funding allows us to continue to invest in the exciting Omagh gold project.'

The net proceeds raised by the Placing are intended to be used for working capital purposes, to finance the Company's legal commitments in regard to its underground planning consent, finance work on conditions precedent and progress exploration activities.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Galantas Gold Corporation's Issued and Outstanding Shares total 137,800,830 as of 10 June 2016.

Enquiries : Galantas Gold Corporation L. Jack Gunter P.Eng - Chairman, Roland Phelps C.Eng - President & CEO

Email: [email protected] Telephone: (UK) +44 (0) 2882 241100

Website: www.galantas.com

Grant Thornton UK LLP (Nomad)

Philip Secrett, Richard Tonthat: Telephone: +44(0)20 7383 5100

Whitman Howard Ltd (Broker & Corporate Adviser)

Nick Lovering: Telephone: +44(0)20 7659 1234

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Ireland | All
Gold and Silver Prices for these countries : Ireland | All

Galantas Gold Corporation

EXPLORATION STAGE
CODE : GAL.V
CUSIP : 298773
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Galantas is a gold development stage company based in Canada.

Galantas holds various exploration projects in Ireland and in Portugal.

Its main exploration properties are OMAGH - KEARNEY and OMAGH - OTHER DEPOSITS in Ireland and MONTEMOR in Portugal.

Galantas is listed in Canada, in United Kingdom and in United States of America. Its market capitalisation is CA$ 82.0 millions as of today (US$ 65.6 millions, € 57.5 millions).

Its stock quote reached its lowest recent point on April 03, 2020 at CA$ 0.01, and its highest recent level on May 28, 2021 at CA$ 0.89.

Galantas has 170 890 000 shares outstanding.

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Annual reports of Galantas Gold Corporation
Annual Report 2007
Financings of Galantas Gold Corporation
3/14/2011Enters Into a Credit Facility With Kenglo One Limited to Fin...
4/11/2006Notification of exercise of warrants and application to list...
Option Grants of Galantas Gold Corporation
12/24/2007Appoints CFO, Awards Incentive Stock Options and Arranges Lo...
Financials of Galantas Gold Corporation
4/29/20102009 results and first quarter trading update
9/3/2009financial results for the second quarter
7/8/2009Increases gold production 65% in second quarter 2009 over Q2...
11/27/2008THIRD QUARTER RESULTS
Project news of Galantas Gold Corporation
6/22/2015Galantas receives encouraging exploration results on new ROI...
3/31/2008(Omagh - Other Deposits)progress at the Omagh Gold Mine
12/10/2007(Omagh - Kearney)CONFIRMS HIGH GRADE ZONE IN KEARNEY GOLD DEPOSIT
10/18/2007(Omagh - Kearney) Reports 3.6M of 22.29 G/T gold at Omagh
5/24/2007(Omagh - Kearney)Commissioning update
5/1/2007(Omagh - Kearney)Intersects 2.5m Grading 22.53g/t Gold at Omagh
Corporate news of Galantas Gold Corporation
6/10/2016Galantas closes over-subscribed private placement and share ...
5/27/2016Galantas announces over-subscribed private placement
5/24/2016Galantas reports results for Quarter 1 2016
5/11/2016Galantas announces a proposed private placement and shares f...
4/28/2016Galantas reports results for year ended December 31, 2015
1/25/2016Galantas drills largest high grade gold accumulation yet at ...
1/25/2016Galantas Drills 13 Metres of 9.9 g/t Gold on Omagh Property ...
11/5/2015Galantas Releases Additional Encouraging Exploration Results...
10/19/2015Potential Challenge to Planning Consent
10/13/2015Galantas Gold Corporation: Potential Challenge to Planning C...
9/16/2015Galantas Releases High Grade Gold Results Near Omagh Gold Mi...
9/11/2015Galantas Releases Encouraging Exploration Results on Republi...
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9/10/2015Galantas Releases Encouraging Exploration Results on Republi...
8/27/2015Galantas Reports Results for the Three and Six Months Ended ...
7/27/2015Galantas Closes C$2.4 million Private placement. Mr. Ross Be...
7/27/2015Galantas Announces Closing of Private Placement
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6/22/2015Galantas Receives Encouraging Exploration Results on Republi...
6/19/2015Small-cap Week, June 19
2/23/2015Galantas Closes Placement for £316,667
2/16/2015Galantas Closes Private Placement
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2/4/2015Galantas Announces Private Placement
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1/9/2015Galantas Expects Planning Determination Q1 2015
12/5/2014Galantas enters into Gold Jewellery Premium Agreement
12/3/2014Galantas Enters Into Agreement for Gold Jewellery Premium
12/1/2014Galantas announces Q3 2014 results and gives planning update...
11/27/2014Galantas Reports Results for the Three and Nine Months Ended...
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9/4/2014Galantas Files Technical Study Showing Strong Economics at O...
8/20/2014Galantas Reports Results for the Three and Six Months Ended ...
7/28/2014Galantas Increases Gold Resources and Shows Strong Economics...
6/2/2014Galantas Gold Corporation: Completion of Shares for Debt Exc...
5/28/2014Galantas Reports Results for the Quarter Ended March 31, 201...
5/8/2014Galantas Gold Corporation: Completion of Private Placement
4/23/2014Galantas Reports Results for the Year Ended December 31, 201...
4/8/2014Galantas Gold Corporation: Share Consolidation and Private P...
10/10/2013Agrees Heads of Terms for Gold Jewellery Arrangement
8/27/2013Drills 2.8 Metres High Grade Gold on Joshua Vein
8/9/2013Announces Strategic Review
7/23/2013Files Increased Gold Resource Report on Omagh Property
6/24/2013Clean Environmental Reports on Omagh Gold-Mine
6/12/2013Announces 34% Increase in Resources at Omagh Gold Mine
5/28/2013Reports Results for the Quarter Ended March 31, 2013
4/23/2013Reports Results for the Year Ended December 31, 2012
1/8/2013Drills 2.4 Metres High Grade Gold on Joshua Vein
10/29/2012Drills 21.2 g/t Gold Over 1.1 Metres on Joshua Vein
9/25/2012Drills 14.2 g/t Gold Over 2.1 Metres on Joshua Vein
9/12/2012Green Light for Omagh Gold Mine Adit
7/5/2011Reports Record Second Quarter 2011 and Funds Drilling Out of...
4/6/2011Appoints Investor Relations Consultant and Grants Stock Opti...
3/31/2011Purchases Two Drill Rigs and Contracts Two Drill Rigs for Om...
2/14/2011Uprates Processing Plant and Looks to Expand Exploration Pro...
5/22/2009Further upgrades mining equipment and increases production
6/13/2008OUTLINES RESOURCES REVIEW FOR OMAGH GOLD MINE, NORTHERN IREL...
10/4/2007Details Falconbridge Payments and Goldsmiths Order
10/3/2007Total Volting Rights
8/10/2007 Recognises expansion of Kearney Vein System
4/20/2007Progress towards production and commencement of concentrate ...
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