viewGalantas Gold Corp

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: 19.75 GBX

Market: AIM
Market Cap: £6.94 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Galantas Gold Corp named herein, including the promotion by the Company of Galantas Gold Corp in any Content on the Site, the Company receives...



Morning Report: FTSE 100 rises on Europe’s coronavirus bailout and US...

Headlines from the Proactive UK newsroom. The FTSE 100 rose again as investors welcomed Europe’s coronavirus bailout and the US gave more details on its reopening plans for non-essential businesses. The blue-chip index added 42 points to 6,187. Roche and Gilead are combining their two...

on 28/5/20

2 min read