Galantas Gold has requested that its shares be suspending from trading on the Aim on Friday, pending an announcement of the results of an appeal against planning approval for the Omagh gold mine, in Northern Ireland.
The company said in a statement that, should the judgement be negative, there would be funding uncertainty and that its shares might remain suspended until further clarification.
The Court of Appeal will rule on an earlier decision that upheld the Department for Environment Northern Ireland (now Department for Infrastructure) grant of planning consent for an underground mine on the former openpit gold-mine site.
The Omagh gold mine has started limited production of gold concentrate from feed produced in development of the underground Kearney vein.
Galantas earlier this week announced a private placement of common shares to raise between £3.2-million and £4-million, or C$5.1-million and C$6.8-million. This should complete the equity element of funding required to achieve its 30 000 oz/y gold concentrate target.