Galantas Gold Corporation has agreed a £347,000 loan from major shareholder Melquart Ltd for the initial lease payment for the recently acquired Gairloch project in Scotland.
TERMS
The Canadian company is targeting the gold-bearing volcanogenic massive sulphide deposit on land owned by the Gairloch Estate in Wester Ross in the North-West Highlands.
The loan is payable 24 months from the date of the agreement and carries an annual interest rate of 12% payable upon repayment of the loan.
In exchange, London-based family office Melquart will receive 100,000 Galantas warrants, each exercisable into one common share of Galantas for 24 months from the closing of the agreement.
SHAREHOLDERS
Melquart along with Ross Beaty, Roland Phelps (former CEO), Premier Miton Investments, Eric Sprott and Mike Gentile collectively own approximately 60% of Galantas.