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Ross Beaty takes 15% stake in Galantas as placing ends

Published: 14:01 27 Jul 2015 BST

Ireland,_aerial
It owns Northern Ireland's only gold mine

Galantas Gold (LON:GAL TSXV:GAL) closed the lid on a placing that raised C$2.4mln (£1.2mln) and saw entrepreneur Ross Beaty snapping up a 15% stake.

The placing saw 20mln units issued, with each comprising one share and one share purchase warrant.

Roland Phelps, chief executive, said: “The majority of the placement was taken up by Ross Beaty, who’s a very well-known North American investor.

“He has somewhat of a ‘midas touch’ when it comes to investment in companies.”

The firm plans to use the net proceeds for exploration and to kick off developing the underground Omagh gold-mine.

It is Northern Ireland's only gold mine and was until recently worked by open-pit methods. Last month, however, planning consent for underground mining was granted.

“We will use the net proceeds of the placement for exploration, for initiating development for the underground gold mine, and for working capital” Phelps said.

Shares rose 2% to 5.8p today.

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