Galantas Gold Corporation said that additional interest had prompted it to increase the previously announced non-brokered private placement and target fundraise from C$2 million to $2.75m.
USES
In March, the Canadian company announced an offering of up to 5,555,555 units of the company, each at C$0.36, which is now raised to 7,638,888 units.
Net proceeds will be used at its projects of Cavanacaw gold mine in Omagh, the gold-volcanogenic massive sulphide project in Gairloch, Wester Ross, and for general working capital.
SHARES FOR DEBT
Galantas also proposes to settle approximately C$299,020 of debt by issuing a total 830,611 units each at C$0.36 to “several arm’s length creditors”, on the same terms as the placement.
The company expects the placement and debt settlement to close on or about 27 March 2023, subject to approvals.