Galantas Gold raises $100 million through private placement

Galantas Gold Corporation (TSXV:GAL) completed a $100 million private placement through the sale of 181.8 million units at $0.55 per unit, the company announced. The offering was led by Canaccord Genuity Corp. as lead agent and sole bookrunner.

Each unit consists of one common share and half of one share purchase warrant. The warrants allow holders to buy one share at $0.80 for 24 months from the closing date. The company paid agents a 5% commission totaling $5 million and issued 7.3 million compensation warrants.

The proceeds will fund exploration and development work on the Indiana Gold and Copper Project and the Andacollo Gold Project in Chile, pending completion of that acquisition. The Andacollo acquisition requires shareholder approval and other closing conditions.

"Galantas has the financial strength to rapidly advance both the Indiana Gold and Copper project and the Andacollo Gold project in Chile," said CEO Mario Stifano. "These funds will enable us to accelerate exploration and development with the goal of achieving production in early 2027."

Notable investors included Eric Sprott, who purchased 36.4 million units for $20 million, and Ocean Partners UK Limited, which bought 14.6 million units for $8 million. Following the placement, Sprott holds 18.45% of outstanding shares while Ocean Partners holds 13.32%.

Company insiders purchased 52.8 million units in the offering. The securities are subject to a four-month hold period under Canadian securities laws. Following the placement, Galantas will have 734.6 million common shares outstanding.

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