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Galantas Gold arranges £1mln convertible loan with major shareholder

Galantas is exploring opportunities for a sale to a development partner

Galantas Gold Corp - Galantas Gold arranges £1mln convertible loan with major shareholder

Galantas Gold Corporation (LON:GAL) has arranged a £1mln convertible debenture with its largest shareholder.

Canadian firm Melquart owns 24% of the Ulster-based gold miner and has fully subscribed for the debenture, which carries a coupon of 15% per annum and converts into shares at a 25% discount to the market price.

A ten for one share consolidation is proposed with other major shareholders including Ross Beaty, Miton and chief executive Roland Phelps agreeing to the proposal.

If it converts, Melquart can hold a maximum 56.7% stake.

Galantas has applied for an extension to blasting at the Omagh gold mine and is also exploring opportunities for a sale to a development partner.

Quick facts: Galantas Gold Corp

Price: 19.65 GBX

AIM:GAL
Market: AIM
Market Cap: £6.35 m
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Galantas Gold reaches blasting agreement with PSNI for its gold mine near Omagh

Galantas Gold Corporation's (LON:GAL)(CVE:GAL) Roland Phelps speaks to Proactive London's Andrew Scott after reaching an agreement with the Police Service of Northern Ireland (PSNI) regarding blasting at its 100% owned gold mine near Omagh, Northern Ireland. He says they're planning to...

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