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Galantas Gold arranges £1mln convertible loan with major shareholder

Galantas is exploring opportunities for a sale to a development partner

Galantas Gold Corp - Galantas Gold arranges £1mln convertible loan with major shareholder

Galantas Gold Corporation (LON:GAL) has arranged a £1mln convertible debenture with its largest shareholder.

Canadian firm Melquart owns 24% of the Ulster-based gold miner and has fully subscribed for the debenture, which carries a coupon of 15% per annum and converts into shares at a 25% discount to the market price.

A ten for one share consolidation is proposed with other major shareholders including Ross Beaty, Miton and chief executive Roland Phelps agreeing to the proposal.

If it converts, Melquart can hold a maximum 56.7% stake.

Galantas has applied for an extension to blasting at the Omagh gold mine and is also exploring opportunities for a sale to a development partner.

Quick facts: Galantas Gold Corp

Price: 1.4 GBX

Market: AIM
Market Cap: £4.53 m

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Full interview: Galantas Gold temporarily suspends blasting at Omagh mine

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on 29/10/19

2 min read