Proactive Investors - Run By Investors For Investors
Why invest in GAL?
Galantas Gold Corp: DEEP DIVE
OVERVIEW

Galantas announces placement to raise up to £4mln, receives expressions of interest

The plan is to move towards a production rate of 30,000 ounces of gold a year
Galantas announces placement to raise up to £4mln, receives expressions of interest
OVERVIEW: GAL The Big Picture
Portal at the Omagh mine

Galantas Gold Corporation (LON:GAL)(CVE:GAL) is to issue between 64mln and 80mln new shares to raise a minimum of £3.2mln and a maximum of £4mln.

The money raised will be used for working capital and to achieve full production at Galantas’s Omagh gold mine Ireland, where mining is already underway.

WATCH: Galantas Gold confirms first shipment w ith good progress made towards full production

Galantas has set a production target of 30,000 ounces of gold in concentrate per year and expects the new money to complete the equity element of funding required to achieve the target.

Galantas has received a provisional indication from Melquart Ltd, which currently holds 19.2% of the company's shares, to subscribe up to a maximum of £1.4mln.

Roland Phelps, Galantas’s chief executive, intends to exchange shares for debt owed to him in the amount of £500,000 on the same terms as the placing.

Separately, Galantas has received, through an advisor, expressions of interest in the Company's Omagh properties and operations.

The underground gold mine at Omagh has commenced limited production of gold concentrate, from feed produced in development of the Kearney vein.

The first delivery of gold and silver concentrate was made on November 5, 2018.

The processing plant uses a non-toxic flotation process to produce concentrates, without the use of cyanide or mercury. It satisfies strict environmental monitoring criteria set by the Northern Ireland regulatory authorities and has a zero lost time accident record since the start of underground development.

View full GAL profile View Profile

Galantas Gold Corp Timeline

Related Articles

1556632618_shutterstock_249210421-(1).jpg
May 01 2019
Anglo Asian has built a successful track record of production, and is now ramping up exploration
gold pour
June 04 2019
The Tulkubash mine life is currently set at 5.3 years, but the company is confident exploration can boost this
1533317104_renaiisance-mastre-landscape.jpg
August 03 2018
The company has an extensive portfolio of exploration projects in Nevada and Utah
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use