Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTCQX:GALKF) has increased the size of its previously announced non-brokered private placement to just over 7.6mln units at a price of C$0.36 per unit to raise approximately C$2.75mln.
Each unit will consist of one share and one warrant exercisable at C$0.55 per share.
The net proceeds are to be used for exploration at the Omagh gold project in Northern Ireland.
This will include follow-up drilling targeting the high-grade dilation zones to depth at the Joshua vein and the recently identified Kerr vein target.
Work will also be undertaken at the gold-rich volcanogenic massive sulphide project in Scotland.
In addition, Galantas has received strong support from stakeholders and has announced the terms of a proposed shares-for-debt transaction with several arm's length creditors.
The transaction will settle approximately C$299,020 of indebtedness through the issuance of an aggregate of 830,611 units at a deemed price of C$0.36 per unit.