11th May 2016 15:14
LONDON (Alliance News) - Galantas Gold Corp Wednesday said it has raised CAD1.3 million through a private placing of 16 million shares at CAD0.07875 per share.
The company said that, in addition to this its President and Chief Executive Officer Roland Phelps plans to enter into a shares for debt exchange on the same terms as the placement, exchanging debt accruing to him as of the end of March of up to CAD935,852 for up to 11.9 million shares.
The proceeds of the placing will be used as working capital, to finance the company's legal commitments and to progress exploration activities.
Shares in Galantas were up 5.4% at 5.40 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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