Source: Galantas Gold Corporation
  • Galantas Gold Corporation (GAL) has provided an update on its recent private placement
  • The company wishes to correct its disclosure to clarify that a portion of the closing of such private placement represented “Shares for Services” under TSXV Policy 4.3
  • In connection with the private placement, on August 30, 2022, the company sold two types of units for aggregate gross proceeds of about C$5.9 million
  • The balance of 2,222,222 units were sold to QME Mining Services, a subsidiary of Quarry & Mining Equipment Limited, a third-party service provider
  • Galantas Gold is involved in mining and exploration activities
  • Galantas Gold Corporation (GAL) last traded at $0.55 per share

Galantas Gold Corporation (GAL) has provided an update on its recent private placement.

The private placement was announced through press releases on August 8, 2022, August 11, 2022 and August 30, 2022.

The company wishes to correct its disclosure to clarify that a portion of the closing of such private placement represented “Shares for Services” under TSXV Policy 4.3.

In connection with the private placement, on August 30, 2022, the company sold two types of units for aggregate gross proceeds of about C$5.9 million.

The first was an aggregate of 12,604,452 units at a price of C$0.45 per unit sold on a “best efforts” brokered private placement basis for gross proceeds of C$5,672,003.40.

The second was an aggregate of 506,667 units sold at the offering price on a non-brokered private placement basis for gross proceeds of C$228,000.15.

The balance of 2,222,222 units were sold to QME Mining Services (NI) Limited, a wholly-owned subsidiary of Quarry & Mining Equipment Limited, a third-party service provider, on the same terms as the brokered offering.

The aggregate subscription price for such units, being $999,999.90, was offset against certain fees payable to the third-party service provider in line with a service agreement dated August 30, 2022, for the underground development towards the Joshua Vein at the Omagh Gold Project.

On September 15, 2022, the company announced the engagement of QME for this work.

In all other respects, the information contained in the company’s news release of August 30, 2022 remains the same.

Galantas Gold Corporation is a Canadian public company whose strategy is to create shareholder value by operating and expanding gold production and resources at the Omagh Project in Northern Ireland.

Galantas Gold Corporation (GAL) last traded at $0.55 per share.


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