10th Oct 2013 15:04
LONDON (Alliance News) - Galantas Gold Corp Thursday said it had agreed heads of terms with The Jewellery House Ltd of Dublin for the production, marketing and sale of a tightly specified range of jewellery products using Galantas Irish gold.
A heads of terms is a letter of intent ahead of a formal contract and the deal will only be sealed when the detailed contract is signed.
But the arrangement would see Glantas selling gold from its Omagh mine to The Jewellery House at a material premium to a minimum London Metal Bullion price, with additional royalty on sales payable on a quarterly basis.
The Jewellery House is a jewellery marketer and manufacturer. It has developed other Irish-oriented brands in the past.
Galantas shares were trading at 2.10 pence Thursday, up 0.47 pence or 29.1%.
By Anthony Tshibangu; [email protected];
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