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Galantas raises £4.7m via private placement

Galantas Gold Corporation completed its private placement to raise a total of C$7,998,980 (£4.7m) to increase operations at Cavanacaw gold mine in Omagh, Northern Ireland.

The placement resulted in the issuance of 26,663,264 units at a price of C$0.30 per unit. 

PARTIES

Eric Sprott, through his company Ontario Ltd, acquired 6,333,333 units for C$1,900,000 representing 8.6% in Galantas.

Michael Gentile acquired 4,000,000 units for C$1,200,000, representing 5.5% in the company. Mr Gentile is an active investor in junior miners with significant positions in a number of companies. 

London-based investment firm and existing shareholder Melquart Ltd, acquired 2,400,000 units for C$720,000, increasing its holdings to 23,073,528 common shares representing 31.5%.

Ocean Partners UK Ltd acquired 1,666,667 units for C$500,000. Galantas paid a finder’s fee of 41,667 units to Ocean Partners which holds 2.3%. 

Galantas’ former president and CEO Roland Phelps acquired 166,667 units for C$50,000, increasing his holding to 5,100,484 common shares or 7% of the company.

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