Finance Metals & Minerals News

Galantas confirms ‘fair’ £177,00 loan advances

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Galantas Gold Corporation has confirmed the fairness of historic loan advances totalling £176,965 from its majority shareholder Melquart Ltd.

Funds: general working capital and maintained the lease at Gairloch (Pixabay)

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The Canadian company, developing the Cavanacaw mine in Omagh and the Gairloch project in Wester Ross, received a November 2024 advance of £76,965 and April 2025 advance of £100,000.

The funds provided general working capital and maintained the lease at Gairloch asset.

Galantas said that the loan terms were for 24 months with a coupon of 12% and are secured on the Gairloch lease asset.

The company added that, after consulting its nominated adviser, “at the time they were entered into, the terms of the 2024 advance and the 2025 advance were fair and reasonable” in so far as its shareholders are concerned.

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