REG - Galantas Gold Corp - Exercise of Warrants

Galantas GoldAnnouncement

30/06/2022 15:00

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RNS Number : 8787Q  Galantas Gold Corporation  30 June 2022

 

 

GALANTAS GOLD ANNOUNCES EXERCISE OF WARRANTS

 

June 30, 2022, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM:
GAL; OTCQX: GALKF) ("Galantas" or the "Company") announces that it received
notification on 28 July 2022 of the early exercise of 920,000 warrants at an
exercise price of CAD$0.33 by G&F Phelps Ltd, a company wholly owned by
former Galantas President and CEO, Roland Phelps, as well as 500,000 warrants
at an exercise price of CAD$0.40 ("Warrants") by shareholder Michael Gentile,
following the completion of U.K. share dealing clearance; for gross proceeds
of CAD$503,600 (the "Exercises"). The shares to be issued for the exercise of
the 920,000 warrants by G&F Phelps Ltd. will be registered to Roland
Phelps in trust for G&F Phelps Ltd.

A total of 16,725,265 CAD$0.40 Warrants from the May 14, 2021 financing remain
outstanding and are due to expire on May 14, 2023 (see May 18, 2021 news
release), and a total of 1,480,000 CAD$0.33 Warrants remain outstanding and
are due to expire on December 31, 2023.

Mario Stifano commented: "We thank Mr. Phelps and Mr. Gentile for their
continued support as we advance the Omagh Project towards production while
also exploring to expand our high-grade resources. Their early exercise of
warrants allows us to maintain a tight capital structure."

920,000 Common Shares are expected to be admitted to trading on AIM on July 5,
2022 ("Admission"). 500,000 Common Shares are included in the May 14, 2021
Warrants Block Admission Scheme announced on June 9, 2022.

Following Admission, the number of Common Shares in issue in the Company will
increase to 85,170,134.

 

As a result of the Exercise, Roland Phelps shareholding increased to 5,353,818
Common Shares (representing 6.29% of the issued share capital) and Mike
Gentile's shareholding increased to 6,100,000 Common Shares (representing
7.16% of the issued share capital).

 

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
Northern Ireland's first gold mine.

 

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 Broker & Corporate Adviser)

Hugh Rich, John Prior

Telephone: +44(0)20 7886 2500

 

Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of
applicable securities laws. 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 press 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 press
release, except as required by law.

 

 

 

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