Galantas Gold Announces Closing of Debt Settlement Transaction
Galantas Gold Announces Closing of Debt Settlement Transaction
TORONTO, Feb. 05, 2024 -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company")
is pleased to announce the closing of its previously announced debt settlement transaction (the "Debt Settlement"), pursuant
to which the Company settled US$2,711,000 of indebtedness owing to Ocean Partners UK Ltd., a creditor of the Company,
through the issuance of US$2,711,000 aggregate principal amount of unsecured convertible debentures of the Company (the
"Debentures").
The Debentures issued in connection with the Debt Settlement were issued on substantially the same terms as the unsecured
convertible debentures of the Company issued pursuant to the Company's non-brokered private placement that closed on
December 20, 2023 (see the news release entitled "Galantas Gold Announces Closing of US$2.6 Million Private Placement of
Unsecured Convertible Debentures and Terms of Debt Settlement Transaction" ).
The Debt Settlement remains subject to the final acceptance of the TSX Venture Exchange. The Debentures issued pursuant
to the Debt Settlement are subject to a four-month hold period under applicable Canadian securities laws which will expire on
June 6, 2024.
About Galantas Gold Corporation
Galantas Gold Corporation is a Canadian public company that trades on the TSX Venture Exchange and the London Stock
Exchange AIM market, both under the symbol GAL. It also trades on the OTCQX Exchange under the symbol GALKF. The
Company's strategy is to create shareholder value by operating and expanding gold production and resources at the Omagh
Project in Northern Ireland, and exploring the Gairloch Project hosting the Kerry Road gold-bearing VMS deposit in Scotland.
Enquiries
Galantas Gold Corporation
Mario Stifano: Chief Executive Officer
Email: [email protected]
Website: www.galantas.com
Telephone: +44(0)28 8224 1100
Grant Thornton UK LLP (AIM Nomad)
Philip Secrett, Harrison Clarke, Enzo Aliaj
Telephone: +44(0)20 7383 5100
SP Angel Corporate Finance LLP (AIM Broker)
David Hignell, Charlie Bouverat (Corporate Finance)
Grant Barker (Sales & Broking)
Telephone: +44(0)20 3470 0470
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation
Reform Act of 1995 and applicable Canadian securities laws, including the timing and ability of the Company to receive the
final acceptance of the TSX Venture Exchange for the Debt Settlement, and the plans, operations and prospects of the
Company. Forward-looking statements are based on estimates and assumptions made by Galantas in light of its experience
and perception of historical trends, current conditions and expected future developments, as well as other factors that
Galantas believes are appropriate in the circumstances. Many factors could cause Galantas' actual results, the performance
or achievements to differ materially from those expressed or implied by the forward looking statements or strategy, including:
gold price volatility; discrepancies between actual and estimated production, actual and estimated metallurgical recoveries and
throughputs; mining operational risk, geological uncertainties; regulatory restrictions, including environmental regulatory
restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of or
availability of key employees; additional funding requirements; uncertainties regarding planning and other permitting issues;
and defective title to mineral claims or property. These factors and others that could affect Galantas' forward-looking
statements are discussed in greater detail in the section entitled "Risk Factors" in Galantas' Management Discussion &
Analysis of the financial statements of Galantas and elsewhere in documents filed from time to time with the Canadian
provincial securities regulators and other regulatory authorities. These factors should be considered carefully, and persons
reviewing this news release should not place undue reliance on forward-looking statements. Galantas has no intention and
undertakes no obligation to update or revise any forward-looking statements in this news release, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information contained within this announcement is deemed to constitute inside information as stipulated under the
retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue
of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations
under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in
the public domain.
(UK) DEALING NOTIFICATION FORM
FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED
PERSONS
1. Details of the person discharging managerial responsibilities/person closely associated
a) Name: Ocean Partners UK Ltd.
2. Reason for the notification
a) Position/status: Ocean Partners UK Ltd. is a person closely associated with Brent Omland,
a Director of Galantas
b) Initial notification/Amendment: Initial Notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name: Galantas Gold Corporation
b) LEI: LEI: 213800JKVPLLKO4KVB93
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument type
of instrument
Identification Code
Debentures
N/A
b) Nature of the transaction Private Placement of Debentures
c) Price(s) and volume Price Volume
US$1,000 2,711
d) Aggregated information N/A single transaction
e) Date of the transaction February 5, 2024
f) Place of the transaction Outside of a trading venue