21st Mar 2023 14:54
(Alliance News) - Galantas Gold Corp shares inched up on Tuesday, after it said it will boost its ongoing fundraise to around CAD2.8 million, about GBP1.7 million.
At the start of March, the Northern Ireland-focused gold producer announced plans of a non-brokered private placement of 5.6 million shares to raise up to CAD2.0 million.
The placement shares are priced at CAD0.36, about 21.52 pence, and each will come with a warrant to buy another share at CAD0.55 over the next five years.
Galantas shares were up 4.8% to 22.00 pence each in London on Tuesday afternoon, giving a market capitalisation of CAD36.2 million, about GBP21.6 million.
On Tuesday, Galantas said it now plans to raise up to CAP2.8 million in an upsized non-brokered private placement. The offer is expected to close on or around Monday.
The company plans to use the proceeds for exploration including follow-up drilling targeting the high-grade dilation zones to depth at the Joshua Vein, the recently identified Kerr Vein target, development at Galantas' gold project in Northern Ireland as well as exploration at the recently announced gold-rich volcanogenic massive sulphide project in Scotland.
By Sophie Rose, Alliance News reporter
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