- Galantas (GAL) has signed a C$562,930 loan agreement with Melquart, a London-based family office
- The loan is payable in 24 months and bears interest at 12 per cent per year
- The company will use the funds for the initial lease payment for the Gairloch Project in Scotland
- Galantas Gold is focused on operating and expanding the Omagh Gold Project in Northern Ireland
- Galantas (GAL) is down by 9.76 per cent trading at $0.37 per share
Galantas (GAL) has signed a C$562,930 loan agreement with Melquart, a London-based family office.
The loan is payable in 24 months and bears interest at 12 per cent per year.
The company will use the funds for the initial lease payment for the Gairloch Project in Scotland.
As consideration, Melquart will receive 100,000 Galantas warrants. Each warrant is exercisable into one GAL common share for 24 months from the closing. The exercise price is equal to GAL’s closing price on February 10, 2023.
The transaction remains subject to TSXV approval.
As a substantial shareholder, Melquart is a related party of Galantas as defined in the London Stock Exchange AIM market’s Rules for Companies.
“I want to thank Melquart for their continued confidence in Galantas and their willingness to support us in our mission to unlock further value for shareholders by expanding our exploration footprint to the high-potential, gold-bearing Gairloch volcanogenic massive sulphide district in Scotland, which has largely been underexplored,” stated Mario Stifano, CEO of Galantas.
Galantas Gold is focused on operating and expanding the Omagh Gold Project in Northern Ireland.
Galantas (GAL) is down by 9.76 per cent, trading at $0.37 per share as of 1:29 pm EST.
