Galantas Gold Corp (LON:GAL, CVE:GAL) has negotiated two tranches of additional finance that will be used to further develop the Omagh Mine in Northern Ireland.
It has agreed a concentrate prepayment deal for US$1.6mln with Ocean Partners. The coupon is 8.75% plus US dollar 12-month LIBOR with a six month interest payment holiday. The arrangement fee is US$25,oo0, while Ocean will also get 15mln bonus warrants.
WATCH: Galantas Gold secures additional finance to advance Omagh Mine
Galantas has also increased its on-demand loan facility with G&F Phelps by around US$850,000 (£600,000) to just over US$3mln (£2.15mln). The rate of interest is 6.75% plus US LIBOR.
G&F Phelps is controlled by Galantas chief executive Roland Phelps, who said: "I am delighted to welcome the participation of Ocean Partners in our funding and I am pleased to be able to increase my own participation in the finance arrangements."