4th Feb 2015 15:15
LONDON (Alliance News) - Galantas Gold Corp Wednesday said it plans to raise not less than GBP150,000 via a private placement of shares to cover the costs of its mine planning application.
The gold producer and explorer, which owns Ireland's only gold mine and is jointly listed on London's AIM and the Toronto Stock Exchange, said it will issue a minimum of 5 million shares at a price of 3 pence per share in the private placing.
"The net proceeds raised by the placing are intended to be used for working capital purposes and to finance the company's continued commitments in regard to its underground planning application," the company said in a statement.
Galantas said the outcome of its planning application is expected during the first quarter.
Galantas Gold shares were down 4.0% at 3.00 pence per share Wednesday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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