Galantas Gold Corporation said it aimed to raise CAD$4 million (£2.56m) through a private placement for its operations at Cavanacaw gold mine in Omagh, Northern Ireland.
USES
The Canadian company added it would use the net proceeds to explore and develop the Joshua target, working capital and general corporate purposes.
TERMS
Galantas has entered into an agreement with Canaccord Genuity Corp, on behalf of itself and a syndicate of agents including Cormark Securities Inc. and Research Capital Corporation.
The proposed “best efforts” private placement is of up to 8,888,890 units each at C$0.45.
Each unit will be comprised of one common share and in Galantas and one-half of one common share purchase warrant of the company.
This entitles the holder to purchase one common share in the capital of the company at a price of $0.55 for a period of 30 months following the closing of the offering.
The agents will also have an option, exercisable in whole or in part, at any time up to 48 hours prior to closing of the offering, to sell up to an additional 1,333,334 units at the offering price.
The offering is expected to close on or about 25 August, 2022, or such other date as the company and the agents may agree.
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