26th Jun 2020 18:32
Galantas Gold Corp - Toronto-headquartered gold miner - proposed a private placement of shares and amended the terms of its loan facility with Ocean Partners UK Ltd. Says cash raised to be used to support Northern Ireland's Omagh gold mine operations and provide general working capital. The placement is expected to include funds raised in both UK and Canadian currency and is for a maximum of 2.6 million shares. The company plans to raise CAD593,180 - about GBP351,652 - at a price of CAD0.225 per share. Galantas has also agreed on terms regarding an increase in the outstanding Ocean loan with Ocean Partners UK Ltd. The amount of the Ocean loan will increase by USD200,000 to a total of USD1.8 million. The interest rate applicable on the Ocean loan will also be increased. As consideration for amending the terms of the Ocean loan, Ocean will receive, upon closing of the Ocean loan agreements, 1.7 million bonus warrants of Galantas. Each warrant will be exercisable for one share of Galantas at an exercise price of CAD0.33 per share.
Current stock price: 15.00 pence
By Evelina Grecenko; [email protected]
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