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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

AIM:GAL
Market: AIM
Market Cap: £4.53 m
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Full interview: Galantas Gold temporarily suspends blasting at Omagh mine

Galantas Gold Corporation's (LON:GAL) Roland Phelps tells Proactive London's Andrew Scott they've temporarily suspended blasting operations at their Omagh gold mine, Northern Ireland. Phelps says blasting operations are currently limited, since all blasting must be supervised by the Police...

on 29/10/19

2 min read