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Galantas Gold Corp

Galantas Gold secures £4mln in private placing as Omagh gold mine advances

The gold miner said agreements had been received for a maximum of 80mln new shares, the top end of its estimates of between 64mln and 80mln shares to raise £3.2mln-£4mln

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Subscribers include Roland Phelps, the chief executive, and Róisín Magee, a director at the firm

Galantas Gold Corp (LON:GAL) has received subscription agreements for a private placing that will see it secure £4mln in funds to fuel development of its Omagh gold mine in Northern Ireland.

The gold miner said agreements had been received for a maximum of 80mln new shares, the top end of its estimates of between 64mln and 80mln shares to raise £3.2mln-£4mln which it revealed in an announcement earlier in November.

READ: Galantas Gold updates on third quarter as Omagh mine project advances

Subscribers for the new shares include Roland Phelps, the chief executive of Galantas, and Róisín Magee, a director at the firm.

There will also be share purchases from the Melquart and Miton asset management firms, who will hold around 20.76% and 16.68% of the company’s shares respectively following the placing.

The Omagh mine began limited gold production around three months ago, with development continuing after a challenge to the mine’s planning permission was dismissed by a Northern Irish court last week.

In early trading Friday, Galantas' shares were steady around 6.5p.

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Quick facts: Galantas Gold Corp

Price: £0.04

Market: AIM
Market Cap: £12.22 m
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Watch

Galantas Gold seeing 'racy' grades at Omagh as development work advances

Galantas Gold Corporation's (LON:GAL) roland Phelps tells Proactive London's Andrew Scott they've hit more strong gold indications from work at the Omagh mine in Northern Ireland. An access drive on the fourth (1060) level intersected the Kearney vein ahead of schedule.

on 22/7/19

2 min read