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Galantas Gold secures £4mln in private placing as Omagh gold mine advances

The gold miner said agreements had been received for a maximum of 80mln new shares, the top end of its estimates of between 64mln and 80mln shares to raise £3.2mln-£4mln
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Subscribers include Roland Phelps, the chief executive, and Róisín Magee, a director at the firm

Galantas Gold Corp (LON:GAL) has received subscription agreements for a private placing that will see it secure £4mln in funds to fuel development of its Omagh gold mine in Northern Ireland.

The gold miner said agreements had been received for a maximum of 80mln new shares, the top end of its estimates of between 64mln and 80mln shares to raise £3.2mln-£4mln which it revealed in an announcement earlier in November.

READ: Galantas Gold updates on third quarter as Omagh mine project advances

Subscribers for the new shares include Roland Phelps, the chief executive of Galantas, and Róisín Magee, a director at the firm.

There will also be share purchases from the Melquart and Miton asset management firms, who will hold around 20.76% and 16.68% of the company’s shares respectively following the placing.

The Omagh mine began limited gold production around three months ago, with development continuing after a challenge to the mine’s planning permission was dismissed by a Northern Irish court last week.

In early trading Friday, Galantas' shares were steady around 6.5p.

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