Galantas Gold Corporation (the Company), which has a 100% interest in Ireland’s only gold mine, today announced a placing of 5,284,000 units with Gartmore Irish Growth Fund plc. Each unit is priced at CDN$ 0.325 and is comprised of one common share and one warrant. Each warrant entitles the holder to purchase one common share within 18 months from closing at a price of CDN$0.45. The gross funds raised by the placing are C$1,717,300. An arrangement fee of 5% is payable to Lewis Charles Securities, the Company’s London broker.
The placing shares are subject to a 4 month hold period in Ontario, Canada, which will expire July 3rd 2007. An application will be made to admit shares issued under the placing to trading on AIM on the same day that they become free trading on the TSX Venture Exchange.
The Company will utilize the funds for working capital purposes, to accelerate its active drilling program and for investment in its jewellery business.
The Gartmore Irish Growth Fund specializes in Irish smaller companies or smaller companies with most of their operations in Ireland or Northern Ireland. The net asset value performance for the fund to 31st January 2007 is reported as :
5 years: 273.4%
10 years: 543.9%
Since inception: 865.1%
(Inception of the Gartmore Irish Growth Fund: 7th June 1995)
Galantas Gold Corporation Issued and Outstanding Shares following the placing total 167,535,855.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
Galantas Gold Corporation
Jack Gunter P.Eng – Executive Chairman
Roland Phelps C.Eng – President & CEO
Moe Lavigne P.Geo – Vice President
Email: info@galantas.com
Website: www.galantas.com
Telephone: +44 (0) 2882 241100
ARM Corporate Finance Limited
Nick Harriss
Telephone: +44 (0) 20 7512 0191
Lewis Charles Securities Limited.
David Scott
Telephone: +44 (0) 20 7065 1150
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