Aim- and TSX-V-listed Galantas Gold on Friday announced a private placement for a maximum of 30-million shares, at £0.042 a share.
This will achieve gross proceeds of £1.2-million, which is intended to be used for working capital purposes and to continue development of an underground mine on Northern Ireland’s Omagh gold mine.
The Omagh underground gold mine has started limited production of gold concentrate, from feed produced in development of the Kearney vein. Galantas expects to raise further funds in due course to enable full production status to be reached.
A four-month-plus-one-day hold period will apply to the shares and the private placement will be subject to TSX-V and regulatory approval.