REG - Galantas Gold Corp - Galantas closes shares-for-debt transaction

Galantas GoldAnnouncement

27/04/2023 07:00

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RNS Number : 6180X  Galantas Gold Corporation  26 April 2023

 

 

GALANTAS GOLD ANNOUNCES CLOSING OF SHARES-FOR-DEBT TRANSACTION

April 26, 2023, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM:
GAL; OTCQX: GALKF) ("Galantas" or the "Company") announces that, further to
its news releases dated March 20 and March 28, 2023, the Company has completed
a shares-for-debt transaction with several arm's length creditors of the
Company (the "Debt Settlement"), pursuant to which the Company has settled
approximately C$749,020 of indebtedness through the issuance of an aggregate
of 2,080,609 units of the Company (the "Units") at a deemed price of C$0.36
per Unit.

Each Unit was comprised of one common share of the Company (each, a "Common
Share") and one Common Share purchase warrant of the Company (each, a
"Warrant"), with each Warrant entitling the holder thereof to purchase one
Common Share at a price of $0.55 per Common Share until April 26, 2028. The
securities issued pursuant to the Debt Settlement are subject to a four-month
hold period under applicable Canadian securities laws which will expire on
August 27, 2023.

An application has been filed for admittance of 2,080,609 additional shares
to AIM ("Admission") with Admission expected to occur on or around April 28,
2023. Following Admission, the Company's issued and outstanding Common Shares
will total 114,808,403.

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.

 

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, George Grainger, Samuel
Littler
 

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, but not limited to, the
admission and timing of admission of the Common Shares on AIM, 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,
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.

 

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