viewGalantas Gold Corp

Galantas continuing to make good progress underground in Omagh

The first of two, new, underground development drill rigs is expected to be delivered next month

Omagh gold mine
Underground development at Omagh now totals about 132 metres

Galantas Gold Corporation (CVE:GAL, LON:GAL), the owner of the Omagh gold mine in Northern Ireland, has closed the private placement announced last month.

The company raised a gross amount of C$1.17mln (£682,859), in line with the terms and proposed placing price previously outlined.

READ Galantas Gold Corporation proposes private share placement to raise up to C$1.4mln

In total, 16.66mln shares were placed. Canadian subscribers paid seven cents a share and UK subscribers 4.1p a share.

"I am delighted to welcome the continued support from our shareholders. The funding allows us to continue the acceleration of underground development of the Omagh gold-mine,” said Roland Phelps, president and chief executive officer of Galantas.

“The Omagh team is continuing to make good progress with underground development, which now totals about 132 metres. Shotcrete equipment delivered as part of a rental-purchase deal recently announced has been delivered and successfully integrated into the operation. The first of two, new, underground development drill rigs, which are also part of the rental-purchase arrangement, is expected to be delivered in January 2018," Phelps added.

Quick facts: Galantas Gold Corp

Price: 18.25 GBX

Market: AIM
Market Cap: £6.42 m

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on 13/5/20

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