REG - Galantas Gold Corp - CLOSING OF DEBT SETTLEMENT TRANSACTION

Galantas GoldAnnouncement

06/02/2024 07:00

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RNS Number : 0944C  Galantas Gold Corporation  06 February 2024

 

 

GALANTAS GOLD ANNOUNCES CLOSING OF DEBT SETTLEMENT TRANSACTION

FEBRUARY 6, 2024, TORONTO, CANADA - Galantas Gold Corporation (TSX-V &
AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce
the closing of its previously announced debt settlement transaction (the "Debt
Settlement"), pursuant to which the Company settled US$2,711,000 of
indebtedness owing to Ocean Partners UK Ltd., a creditor of the Company,
through the issuance of US$2,711,000 aggregate principal amount of unsecured
convertible debentures of the Company (the "Debentures").

The Debentures issued in connection with the Debt Settlement were issued on
substantially the same terms as the unsecured convertible debentures of the
Company issued pursuant to the Company's non-brokered private placement that
closed on December 20, 2023 (see the news release entitled "Galantas Gold
Announces Closing of US$2.6 Million Private Placement of Unsecured Convertible
Debentures and Terms of Debt Settlement Transaction").

The Debt Settlement remains subject to the final acceptance of the TSX Venture
Exchange. The Debentures issued pursuant to the Debt Settlement are subject to
a four-month hold period under applicable Canadian securities laws which will
expire on June 6, 2024.

 

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, and
exploring the Gairloch Project hosting the Kerry Road gold-bearing VMS deposit
in Scotland.

 

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, Enzo Aliaj

Telephone: +44(0)20 7383 5100

 

SP Angel Corporate Finance LLP (AIM Broker)

David Hignell, Charlie Bouverat (Corporate Finance)

Grant Barker (Sales & Broking)

Telephone: +44(0)20 3470 0470

 

Forward-Looking Statements

 

This news release contains forward-looking statements within the meaning of
the United States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities laws, including the timing and ability of the
Company to receive the final acceptance of the TSX Venture Exchange for the
Debt Settlement, and the plans, operations and prospects of the Company.
Forward-looking statements are based on estimates and assumptions made by
Galantas in light of its experience and perception of historical trends,
current conditions and expected future developments, as well as other factors
that Galantas believes are appropriate in the circumstances. Many factors
could cause Galantas' actual results, the performance or achievements to
differ materially from those expressed or implied by the forward looking
statements or strategy, including: gold price volatility; discrepancies
between actual and estimated production, actual and estimated metallurgical
recoveries and throughputs; mining operational risk, geological uncertainties;
regulatory restrictions, including environmental regulatory restrictions and
liability; risks of sovereign involvement; speculative nature of gold
exploration; dilution; competition; loss of or availability of key employees;
additional funding requirements; uncertainties regarding planning and other
permitting issues; and defective title to mineral claims or property. These
factors and others that could affect Galantas' forward-looking statements are
discussed in greater detail in the section entitled "Risk Factors" in
Galantas' Management Discussion & Analysis of the financial statements of
Galantas and elsewhere in documents filed from time to time with the Canadian
provincial securities regulators and other regulatory authorities. These
factors should be considered carefully, and persons reviewing this news
release should not place undue reliance on forward-looking statements.
Galantas has no intention and undertakes no obligation to update or revise any
forward-looking statements in this news release, except as required by law.

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

(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  Debentures

               Identification Code

                                                                           N/A
 b)            Nature of the transaction                                   Debt Settlement Transaction
 c)            Price(s) and volume                                         Price     Volume
                                                                           US$1,000  2,711
 d)            Aggregated information                                      N/A single transaction
 e)            Date of the transaction                                     February 5, 2024
 f)            Place of the transaction                                    Outside of a trading venue

d)

Aggregated information

N/A single transaction

e)

Date of the transaction

February 5, 2024

f)

Place of the transaction

Outside of a trading venue

 

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