- Galantas Gold Corporation (GAL) has announced a US$530,000 loan agreement with Ocean Partners UK Ltd.
- The loan will be used to fund the development of the underground mining operations at the Omagh Gold Project in Northern Ireland
- The loan is repayable six months and will bear interest at an annual rate of 12 per cent compounded monthly
- Galantas has also extended the US$1.06 million loan entered into with Ocean on January 31, 2022 for a further six months
- Galantas Gold owns and operates a producing open-pit gold mine near Omagh, County Tyrone, Northern Ireland
- Galantas Gold Corporation (GAL) opened trading at C$0.48
Galantas Gold Corporation (GAL) has announced a US$530,000 loan agreement with Ocean Partners UK Ltd.
The loan will be used to fund the development of the underground mining operations at the Omagh Gold Project in Northern Ireland and working capital.
The loan is repayable six months and will bear interest at an annual rate of 12 per cent compounded monthly and repayable in full on maturity.
Ocean Partners will receive 125,000 warrants of Galantas. Each warrant will be exercisable into one common share of Galantas for a period of 12 months.
Galantas will also pay Ocean a commitment fee of US$10,000 which will be deducted from the initial proceeds of the loan. Galantas may extend the loan for a further six months by paying Ocean an additional structuring fee of US$20,000.
Galantas has also extended the US$1.06 million loan entered into with Ocean on January 31, 2022 for a further six months, to January 31, 2023.
Mario Stifano, CEO of Galantas, commented on the news.
“I want to thank Ocean Partners for their continued support of Galantas as we enter the next phase of growth as a gold producer while also continuing to explore to expand our high-grade resources.”
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) opened trading at C$0.48.