Galantas to raise up to C$2m via private placement

Galantas Gold Corporation is offering a non-brokered private placement of up to 5,555,555 units, each at C$0.36 to raise up to C$2 million.

USES

Each unit comprises one common share of the company and one common share warrant.

Each warrant entitles the holder to purchase an additional common share at C$0.55 per share for a period of 60 months from the closing date.

There will be a four-month hold period in Canada on the trading of securities issued in connection with the private placement.

Galantas will use the net proceeds for follow-up drilling targeting the dilation zones to depth at the Joshua vein, the recently identified Kerr vein target, and further development at the Cavanacaw gold project in Omagh.

Funds will also go towards exploration at the company’s Gairloch gold project in Wester Ross, Scotland and general working capital.

The offering is expected to close on or about 21 March 2023, and remains subject to final approval of the TSXV.