Galantas Gold Announces Closing of Shares-for-Debt Transaction
26 Abril 2023 - 3:54PM
Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF)
("
Galantas" or the "
Company")
announces that, further to its news releases dated March 20 and
March 28, 2023, the Company has completed a shares-for-debt
transaction with several arm's length creditors of the Company (the
"
Debt Settlement"), pursuant to which the Company
has settled approximately C$749,020 of indebtedness through the
issuance of an aggregate of 2,080,609 units of the Company (the
"
Units") at a deemed price of C$0.36 per Unit.
Each Unit was comprised of one common share of
the Company (each, a "Common Share") and one
Common Share purchase warrant of the Company (each, a
"Warrant"), with each Warrant entitling the holder
thereof to purchase one Common Share at a price of $0.55 per Common
Share until April 26, 2028. The securities issued pursuant to the
Debt Settlement are subject to a four-month hold period under
applicable Canadian securities laws which will expire on August 27,
2023.
An application has been filed for admittance
of 2,080,609 additional shares to AIM
("Admission") with Admission expected to occur on
or around April 28, 2023. Following Admission, the Company's issued
and outstanding Common Shares will total 114,808,403.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
The information contained within this
announcement is deemed to constitute inside information as
stipulated under the retained EU law version of the Market Abuse
Regulation (EU) No. 596/2014 (the "UK MAR") which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018. The information is disclosed in accordance with the Company's
obligations under Article 17 of the UK MAR. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
About Galantas
Gold Corporation
Galantas Gold Corporation is a Canadian public
company that trades on the TSX Venture Exchange and the London
Stock Exchange AIM market, both under the symbol GAL. It also
trades on the OTCQX Exchange under the symbol GALKF. The Company's
strategy is to create shareholder value by operating and expanding
gold production and resources at the Omagh Project in Northern
Ireland, and exploring the Gairloch Project hosting the Kerry Road
gold-bearing VMS deposit in Scotland.
Enquiries
Galantas Gold CorporationMario Stifano: Chief Executive
OfficerEmail: info@galantas.comWebsite: www.galantas.comTelephone:
+44(0)28 8224 1100
Grant Thornton UK LLP (AIM Nomad)Philip Secrett, Harrison
Clarke, George Grainger, Samuel Littler Telephone: +44(0)20 7383
5100
SP Angel Corporate Finance LLP (AIM Broker)David Hignell,
Charlie Bouverat (Corporate Finance)Grant Barker (Sales &
Broking) Telephone: +44(0)20 3470 0470
Forward-Looking
Statements
This news release contains forward-looking
statements within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities laws, including, but not limited to, the admission and
timing of admission of the Common Shares on AIM, and the plans,
operations and prospects of the Company. Forward-looking statements
are based on estimates and assumptions made by Galantas in light of
its experience and perception of historical trends, current
conditions and expected future developments, as well as other
factors that Galantas believes are appropriate in the
circumstances. Many factors could cause Galantas' actual results,
performance or achievements to differ materially from those
expressed or implied by the forward looking statements or strategy,
including: gold price volatility; discrepancies between actual and
estimated production, actual and estimated metallurgical recoveries
and throughputs; mining operational risk, geological uncertainties;
regulatory restrictions, including environmental regulatory
restrictions and liability; risks of sovereign involvement;
speculative nature of gold exploration; dilution; competition; loss
of or availability of key employees; additional funding
requirements; uncertainties regarding planning and other permitting
issues; and defective title to mineral claims or property. These
factors and others that could affect Galantas' forward-looking
statements are discussed in greater detail in the section entitled
"Risk Factors" in Galantas' Management Discussion & Analysis of
the financial statements of Galantas and elsewhere in documents
filed from time to time with the Canadian provincial securities
regulators and other regulatory authorities. These factors should
be considered carefully, and persons reviewing this news release
should not place undue reliance on forward-looking statements.
Galantas has no intention and undertakes no obligation to update or
revise any forward-looking statements in this news release, except
as required by law.
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