PROJECT FINANCE

Galantas raises £4M for Omagh

Private placement fully subscribed

Staff reporter
Galantas is moving Omagh to full development

Galantas is moving Omagh to full development

The cash will go towards ramping operations at the Omagh gold operation. 

Galantas, which is also listed on AIM, said it had received subscription agreements for the maximum amount of 80 million common shares to raise the £4 million.

CEOP Roland Phelps intends to exchange 10 million common shares for £500,000 in debt owed to him personally.

The other agreements came from 19.18% shareholder Melquart for an additional 22 million shares for £1.1 million, Milton Asset management for 50 million shares for £2.5 million and director Róisín Magee for 500,000 shares.

After the common shares are issued, Melquart will have a 20.76% shareholding, Milton Asset Management 16.68% and Magee 0.17%.

The private placement and arrangement are subject to TSXV and regulatory approvals.

Galantas announced first delivery of gold and silver concentrate from its Omagh mine in early November and aims to reach output of 30,000 ounces per annum of gold.

In London trading, the company's shares were steady Friday morning at 6.5p.  

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.