8th May 2014 13:59
LONDON (Alliance News) - Galantas Gold Corporation said Thursday that it had raised GBP516,500 through a private placing of 10.3 million units, worth one share and one warrant to buy a further share.
The company said it will use the funds to examine and implement a cost effective processing route for the re-treatment of low grade tailings sands, to continue working on cost reduction within a feasibility study, to update resources assessment at the Omagh mine in Northern Ireland, and to progress underground planning permits.
The warrant allows the holder to buy a further share for 10 pence for two years after the closing of the placing.
The shares were placed with Kenglo One Ltd, and a number of other private investors including some local to the mine, and clients of Jennings Capital Inc.
Shares in Galantas were trading down 5.2% at 4.50 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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