Galantas Gold Announces Closing of Debt Settlement Transaction
February 05 2024 - 5:30PM
Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF)
("Galantas" or the "Company") is pleased to announce the closing of
its previously announced debt settlement transaction (the "Debt
Settlement"), pursuant to which the Company settled US$2,711,000 of
indebtedness owing to Ocean Partners UK Ltd., a creditor of the
Company, through the issuance of US$2,711,000 aggregate principal
amount of unsecured convertible debentures of the Company (the
"Debentures").
The Debentures issued in connection with the
Debt Settlement were issued on substantially the same terms as the
unsecured convertible debentures of the Company issued pursuant to
the Company's non-brokered private placement that closed on
December 20, 2023 (see the news release entitled "Galantas Gold
Announces Closing of US$2.6 Million Private Placement of Unsecured
Convertible Debentures and Terms of Debt Settlement
Transaction").
The Debt Settlement remains subject to the final
acceptance of the TSX Venture Exchange. The Debentures issued
pursuant to the Debt Settlement are subject to a four-month hold
period under applicable Canadian securities laws which will expire
on June 6, 2024.
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 CorporationMario Stifano: Chief
Executive OfficerEmail: info@galantas.comWebsite:
www.galantas.comTelephone: +44(0)28 8224 1100
Grant Thornton UK LLP (AIM Nomad)Philip Secrett,
Harrison Clarke, Enzo Aliaj 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 the timing and ability of the Company to
receive the final acceptance of the TSX Venture Exchange for the
Debt Settlement, 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, 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 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.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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.
(UK) DEALING NOTIFICATION FORM
FOR USE BY PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS
1. |
Details of the person discharging managerial
responsibilities/person closely associated |
a) |
Name: |
Ocean Partners UK Ltd. |
2. |
Reason for the notification |
a) |
Position/status: |
Ocean Partners UK Ltd. is a person closely associated with Brent
Omland, a Director of Galantas |
b) |
Initial notification/Amendment: |
Initial Notification |
3. |
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor |
a) |
Name: |
Galantas Gold Corporation |
b) |
LEI: |
LEI: 213800JKVPLLKO4KVB93 |
4. |
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been conducted |
a) |
Description of the financial instrument type of
instrumentIdentification Code |
DebenturesN/A |
b) |
Nature of the transaction |
Private Placement of Debentures |
c) |
Price(s) and volume |
Price |
|
Volume |
|
|
|
|
|
|
|
US$1,000 |
|
2,711 |
|
|
|
d) |
Aggregated information |
N/A single transaction |
e) |
Date of the transaction |
February 5, 2024 |
f) |
Place of the transaction |
Outside of a trading venue |
|
|
|
|
|
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