Galantas Gold Corporation (TSXV & AIM: GAL) has closed its previously announced private placement for gross proceeds of C$6,672,003.30 together with a Brokered Offering, the for gross proceeds of C$228,000.15, for aggregate gross proceeds to the Company of approximately C$6.9 million.
Canaccord Genuity Corp., Cormark Securities Inc. and Research Capital Corporation acted as agents in connection with the Brokered Offering pursuant to the terms of an agency agreement dated August 30, 2022.
The company intends to use the net proceeds of the Offering for exploration and development at the Joshua Target as well as for working capital and general corporate purposes.
Melquart Limited, a London-based investment firm and an existing shareholder, acquired 2,666,667 Units for consideration of C$1,200,000.15. Following the Offering, Melquart Limited will hold 28,140,195 Common Shares, representing approximately 27.36% of the issued and outstanding Common Shares on a non-diluted basis.
Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by Mr. Sprott, acquired 1,333,334 Units for consideration of C$600,000.30. Following the Offering, Eric Sprott will hold 10,166,667 Common Shares, representing approximately 9.88% of the issued and outstanding Common Shares on a non-diluted basis. Mr. Sprott is a renowned and respected leader in the investment community and one of the world’s premier gold and silver investors.
Michael Gentile acquired 222,222 Units for consideration of C$99,999,90. Following the Offering, Michael Gentile will hold 6,217,222 Common Shares, representing approximately 6.04% of the issued and outstanding Common Shares on a non-diluted basis. Mr. Gentile is a retired professional money manager with over 20 years’ experience investing in the mining and natural resource sector. Currently, Mr. Gentile is an active investor in the junior mining space with significant positions in a number of companies.
Ocean Partners UK Ltd. acquired 461,112 Units for consideration of C$207,500.40. Following the Offering, Ocean Partners UK Ltd. will hold 2,869,446 Common Shares, representing approximately 2.80% of the issued and outstanding Common Shares on a non-diluted basis.
Mario Stifano, a director of the company, acquired 55,556 Units for consideration of C$25,000.20. Following the Offering, Mario Stifano will hold 547,388 Common Shares, representing approximately 0.53% of the issued and outstanding Common Shares on a non-diluted basis.
The Offering was made by way of private placement in each of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements and in certain other jurisdictions, in each case in accordance with all applicable laws. The securities issued under the Offering are subject to a four month hold period under applicable Canadian securities laws which will expire on December 31, 2022. The Offering is subject to final acceptance of the TSX Venture Exchange.
The securities offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold in the United States absent registration or an exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
About Galantas Gold Corporation
Galantas Gold Corporation is a Canadian public company that trades on the TSX Venture Exchange and the London Stock Exchange AIM market, both under the symbol GAL. It also trades on the OTCQX Exchange under the symbol GALKF.
The company’s strategy is to create shareholder value by operating and expanding gold production and resources at the Omagh Project in Northern Ireland.
For further information please visit: https://galantas.com/
