Financing will sell 18,619,841 common shares at C$0.07875 per share
By Devika Patel
Knoxville, Tenn., May 27 – Galantas Gold Corp. said its private placement of stock has been oversubscribed and increased to C$1.47 million. The deal priced for C$1.26 million on May 11.
The company will now sell 18,619,841 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$1,466,313
|
Shares: | 18,619,841
|
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$11.27 million
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.