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LONDON (Alliance News) - Galantas Gold Corp on Monday said it has raised GBP316,677 from a private placement of just under 10.6 million shares at GBP0.030 per share., about 14% of its current total.
Galantas said it will pay 6% of the gross proceeds from the placing to the placing agent, which it didn't name, as commission and will issue the agent with 636,000 warrants over shares which can be exercised at a price of GBP0.045 in the next three years, it said in a statement.
The stock was quoted at 3.35 pence Monday afternoon, down 0.7%.
The net proceeds raised by the placing are intended to be used for working capital purposes and to finance the company's continued commitments in regard to its underground planning application at its gold mine in Northern Ireland.
Galantas said it is still expecting to receive approval for its planning permission application for the mine in the first quarter of 2015.
"I am delighted by the excellent response from investors to the placing. This enables the Company to move forward into a very exciting phase and prepare work in advance of obtaining planning consent for the underground gold mine at Omagh," said President and Chief Executive Roland Phelps.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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