Galantas successfully raises $100m for Chile gold, copper exploration
TSX-V-listed Galantas Gold Corporation has completed its previously announced private placement of 181-million units at a price of $0.55 apiece for aggregate gross proceeds of $100-million.
Each unit comprises one common share of the company and one-half of one Galantas share purchase warrant. Each warrant entitles the holder thereof to purchase one Galantas share for $0.80 apiece for a period of 24 months.
Galantas intends to use the net proceeds of the offering to fund exploration and development work on the Indiana gold and copper project, as well as the Andacollo gold project, both in Chile.
Galantas is still in the process of acquiring the Andacollo project. Should shareholders not approve the deal or it is terminated otherwise, the net proceeds of the offering meant for Andacollo will be reallocated for spending elsewhere.
Galantas CEO Mario Stifano says the placement received strong support from strategic shareholders including Eric Sprott, Ocean Partners and Melquart.
"Galantas has the financial strength to rapidly advance both the Indiana and Andacollo projects upon completion of the Andacollo acquisition. These funds will enable us to accelerate exploration and development with the goal of achieving production in early 2027. We are grateful for the continued support of our existing shareholders and new investors as we focus on delivering shareholder value by bringing our projects to production," Stifano concludes.
