- Galantas Gold (GAL) announced a non-brokered private placement for gross proceeds of up to C$2,000,000
- The company intends to issue up to 5,555,555 units at $0.36 per unit
- It expects to use the net proceeds for exploration, follow-up drilling, development and general working capital purposes
- Galantas Gold is a Canadian mining and exploration company
- Galantas Gold (GAL) is down 6.49 per cent, trading at $0.36 per share
Galantas Gold (GAL) announced a non-brokered private placement for gross proceeds of up to C$2,000,000.
The company intends to issue up to 5,555,555 units at $0.36 per unit. Each unit will consist of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase an additional common share at $0.55 for 60 months from the closing date.
Galantas expects to use the net proceeds for exploration, follow-up drilling, development and general working capital purposes. The follow-up drilling will target the high-grade dilation zones to depth at the Joshua Vein, the recently identified Kerr Vein target, development at Galantas’ gold project in Northern Ireland, as well as exploration at the recently announced gold-rich volcanogenic massive sulphide project in Scotland.
All securities issued will be subject to a 4-month statutory hold period.
The company expects the closing of the offering to occur on or about March 21, 2023.
Galantas Gold is a Canadian mining and exploration company. The company owns and operates a producing open-pit gold mine near Omagh, County Tyrone, Northern Ireland.
Galantas Gold (GAL) is down 6.49 per cent, trading at $0.36 per share at 11:15 am ET.