Galantas Gold Corporation (TSXV & AIM: GAL) has closed a loan agreement for US$530,000 with Ocean Partners UK Ltd.
- The Loan matures on January 31, 2023 (the “Maturity Date”).
- The Loan will bear interest at an annual rate of 12% compounded monthly and repayable in full on the Maturity Date.
- US$10,000 commitment fee has been paid to Ocean.
- 125,000 warrants have been granted to Ocean, which will be exercisable for a period of 12 months at an exercise price of CAD$0.48. The bonus Warrants are subject to a hold period under applicable securities laws and the rules of the TSX Venture Exchange, expiring on July 25, 2023.
- US$20,000 extension fee will be paid to Ocean if the Company elects to extend the Loan for a further six months from the Maturity Date.
Proceeds from the Loan will be used to fund development of the underground mining operations at the Omagh Gold Project in Northern Ireland and working capital.
Ocean Partners is a person closely associated with Brent Omland, a Director of Galantas (within the meaning of the EU Market Abuse Regulation). Mr. Omland is CFO of Ocean Partners and is a nominee of Ocean Partners on the board of Galantas and holds a minority stake in, and is a director of, Ocean Partners’ parent entity. For further information please visit: https://galantas.com/
