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.
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.
--Adds share price--