- Galantas Gold Corporation (GAL) has closed a US$530,000 loan agreement with Ocean Partners UK Ltd.
- The loan matures on January 31, 2023 and carries an annual interest rate of 12 per cent, payable on the maturity date
- Proceeds from the loan will be used to fund development of the underground mining operations at the Omagh Gold Project in Northern Ireland
- Galantas Gold owns and operates a producing open-pit gold mine near Omagh, County Tyrone, Northern Ireland
- Galantas Gold Corporation (GAL) is up 4.0 per cent on the day, trading at C$0.52 per share at 2:45 pm ET
Galantas Gold Corporation (GAL) has closed a US$530,000 loan agreement with Ocean Partners UK Ltd.
Terms of the loan agreement, previously announced on July 26, 2022:
- The loan matures on January 31, 2023 (the “Maturity Date”).
- The loan will bear an annual interest rate of 12 per cent repayable in full on the maturity date.
- A US$10,000 commitment fee has been paid to Ocean
- 125,000 bonus warrants exercisable for a period of 12 months have been granted to Ocean
- A US$20,000 extension fee will be paid to Ocean if the company elects to extend the loan for a further six months from the Maturity Date.
Proceeds from the loan will be used to fund development of the underground mining operations at the Omagh Gold Project in Northern Ireland and for working capital.
Galantas Gold Corp is involved in mining and exploration activities. The company owns and operates a producing open-pit gold mine near Omagh, County Tyrone, Northern Ireland.
Galantas Gold Corporation (GAL) is up 4.0 per cent on the day, trading at C$0.52 per share at 2:45 pm ET.