REG - Galantas Gold Corp - Close of Loan Agreement for US$530,000

Galantas GoldAnnouncement

04/08/2022 07:00

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RNS Number : 8506U  Galantas Gold Corporation  04 August 2022

 

GALANTAS GOLD CLOSES LOAN AGREEMENT FOR US$530,000

 

 

August 4, 2022, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM:
GAL; OTCQX: GALKF) ("Galantas" or the "Company") announces the closing of the
loan agreement ("Loan Agreement") for US$530,000 (the "Loan") with Ocean
Partners UK Ltd. ("Ocean" or the "Lender").

 

Terms of the Loan Agreement, as previously announced on July 26, 2022:

 

•        The Loan matures on January 31, 2023 (the "Maturity Date").

•      The Loan will bear interest at an annual rate of 12% compounded
monthly and repayable in full on the Maturity Date.

•        US$10,000 commitment fee has been paid to Ocean.

•        25,000 warrants (the "Bonus Warrants") have been granted to
Ocean, which will be exercisable for a period of 12 months at an exercise
price of CAD$0.48. The bonus Warrants are subject to a hold period under
applicable securities laws and the rules of the TSX Venture Exchange, expiring
on July 25, 2023.

•        US$20,000 extension fee will be paid to Ocean if the Company
elects to extend the Loan for a further six months from the Maturity Date.

 

Proceeds from the Loan will be used to fund development of the underground
mining operations at the Omagh Gold Project in Northern Ireland and working
capital.

 

Ocean Partners is a person closely associated with Brent Omland, a Director of
Galantas (within the meaning of the EU Market Abuse Regulation). Mr. Omland is
CFO of Ocean Partners and is a nominee of Ocean Partners on the board of
Galantas and holds a minority stake in, and is a director of, Ocean Partners'
parent entity.

 

The notification set out below, made pursuant to Article 19(3) of the Market
Abuse Regulation which is part of UK law by virtue of the European Union
(withdrawal) Act 2018, provides further details.

 

About Galantas Gold Corporation

 

Galantas Gold Corporation is a Canadian public company that trades on the
TSX-Venture Exchange and the London Stock Exchange AIM market, both under the
symbol GAL. It also trades on the OTCQX Exchange under the symbol GALKF. The
Company's strategy is to create shareholder value by operating and expanding
gold production and resources at the Omagh Project in Northern Ireland.

 

Enquiries

 

Galantas Gold
Corporation

Mario Stifano: Chief Executive Officer

Email: info@galantas.com

Website: www.galantas.com

Telephone: +44(0)28 8224 1100

 

Grant Thornton UK LLP (AIM Nomad)

Philip Secrett, Harrison Clarke, George Grainger, Samuel
Littler

Telephone: +44(0)20 7383 5100

 

Panmure Gordon & Co (AIM Joint Broker & Corporate Adviser)

Hugh Rich, John Prior

Telephone: +44(0)20 7886 2500

 

SP Angel Corporate Finance LLP (AIM Joint Broker)

David Hignell, Charlie Bouverat (Corporate Finance)

Grant Barker (Sales & Broking)

Telephone: +44(0)20 3470 0470

 

 

 

(UK) DEALING NOTIFICATION FORM
 FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY
ASSOCIATED PERSONS

 

 1.      Details of the person discharging managerial responsibilities/person closely
         associated
 a)      Name:                                                       Ocean Partners UK Ltd
  2.     Reason for the notification
 a)      Position/status:                                            Ocean Partners UK Ltd is a person closely associated with Brent Omland, a
                                                                     Director of Galantas
 b)      Initial notification/Amendment:                             Initial Notification
 3.      Details of the issuer, emission allowance market participant, auction
         platform, auctioneer or auction monitor
 a)      Name:                                                       Galantas Gold Corporation
 b)      LEI:                                                        LEI: 213800JKVPLLKO4KVB93
 4.      Details of the transaction(s): section to be repeated for (i) each type of
         instrument; (ii) each type of transaction; (iii) each date; and (iv) each
         place where transactions have been conducted
 a)      Description of the financial instrument type of instrument  Share purchase warrants

         Identification Code

                                                                     ISIN: CA36315W3012
 b)      Nature of the transaction                                   Grant of warrants
 c)      Price(s) and volume                                         Price  Volume
                                                                     Nil    125,000
 d)      Aggregated information                                      N/A single transaction
 e)      Date of the transaction                                     July 26, 2022
 f)      Place of the transaction                                    Outside of a trading venue

d)

Aggregated information

N/A single transaction

e)

Date of the transaction

July 26, 2022

f)

Place of the transaction

Outside of a trading venue

 

 

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