Galantas Gold Corporation (TSXV & AIM: GAL; OTCQX: GALKF) has confirmed the early exercise of 6,323,333 warrants at an exercise price of C$0.40 – with funds to go towards its Omagh Gold Project in Ireland.
An additional 1,708,333 Warrants will be exercised by insiders Mario Stifano, CEO of Galantas, and Ocean Partners USA Inc. following the completion of U.K. share dealing clearance; for current expected gross proceeds of C$3,212,666. A total of 18,673,265 CAD$0.40 Warrants from the May 14, 2021 financing remain outstanding and are due to expire on May 14, 2023.
“We are pleased to have the continued support of our shareholders as we advance the Omagh Project towards production while also exploring to expand our high-grade resources,” Mr Stifano said.
“The early exercise of Warrants by many of our significant shareholders including Michael Gentile, Melquart Ltd. and Eric Sprott, is a strong endorsement of the potential of our project, while also allowing the company to maintain a tight capital structure.”
6,323,333 Common Shares are expected to be admitted to trading on AIM on February 17, 2022
Following Admission, the number of Common Shares in issue in the company will increase to 80,593,801.
For further information please visit: https://galantas.com/
