Financing will offer 16 million common shares at C$0.07875 per share
By Devika Patel
Knoxville, Tenn., May 11 – Galantas Gold Corp. said it has arranged a C$1.26 million private placement of stock.
The company will sell 16 million common shares at C$0.07875 per share, which is a 21.25% discount to the May 10 closing share price of C$0.10.
Proceeds will be used for working capital purposes.
In addition to the private placement, president and chief executive officer Roland Phelps has agreed to a shares for debt exchange on the same terms as the placement. Phelps will exchange up to C$935,852 of debt for up to 11,883,835 shares.
Toronto-based Galantas is a gold explorer.
| Issuer: | Galantas Gold Corp.
|
| Issue: | Common shares
|
| Amount: | C$1.26 million
|
| Shares: | 16 million
|
| Price: | C$0.07875
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | May 11
|
| Stock symbol: | TSX Venture: GAL
|
| Stock price: | C$0.10 at close May 10
|
| Market capitalization: | C$10.73 million
|
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