Galantas Gold Corporation (LON:GAL) (TSX:GAL) has proposed a private placement of shares in to raise up to C$1.4mln to support the development of an underground mine Northern Ireland and for working capital purposes.
The company plans to place a maximum of 20 million shares at an issue price of C$0.07 each.
A four-month hold period will apply to the shares and issuance will be subject to TSX Venture Exchange and regulatory approval.
Galantas is also in the process of negotiating additional finance on a debt-related basis to provide additional funds for the development of its Omagh gold mine in Northern Ireland.
Shares in London added 6.67% to 5.20p.