TORONTO, Sept. 07, 2018 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the “Company”), the AIM and TSX Venture Exchange (“TSXV”) quoted gold producer and explorer with a 100% interest in Northern Ireland’s Omagh gold mine, announces a proposed private placement of shares (the “Private Placement”).

The Private Placement is for a maximum of 30,000,000 shares, at an issue price of UK£0.042 (CAD$0.071) per share (the “Offering”) for maximum gross proceeds of UK£1,260,000 (CAD$2,130,000). A four month plus one day hold period will apply to the shares and the Private Placement will be subject to TSXV and regulatory approval. The shares will rank pari passu with the existing shares in issue of the Company. The Company expects insiders to participate in the Private Placement.

The net proceeds to be raised by the Offering are intended to be used for working capital purposes and to continue development of an underground mine on the Omagh property. A further announcement will be made in due course detailing the results of the Offering.

The Omagh underground gold mine has commenced limited production of gold concentrate, from feed produced in development of the Kearney vein. The Company expects to raise further funds in due course to enable full production status to be reached.

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

Galantas Gold Corporation’s Issued and Outstanding Shares total 187,549,186.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

Enquiries: Galantas Gold Corporation
L. Jack Gunter P.Eng – Chairman,  Roland Phelps C.Eng – President & CEO

Email: [email protected]                  Telephone: (UK) +44 (0) 2882 241100

Website: www.galantas.com 

Grant Thornton UK LLP (Nominated Adviser)

Philip Secrett, Harrison Clarke, Richard Tonthat : Telephone: +44(0)20 7383 5100

Whitman Howard  Ltd (Broker & Corporate Adviser)

Nick Lovering, Grant Barker : Telephone: +44(0)20 7659 1234