Galantas to raise cash for Omagh optimisation efforts
Aim- and TSX-V-quoted Galantas Gold on Tuesday announced a private placement of common shares to raise up to £1-million, or C$1.6-million, to fund optimisation efforts at the Omagh gold mine, in Northern Ireland.
The private placement is expected to include funds raised in UK and Canadian currency and is for a maximum of 23 529 412 shares, at an issue price of £0.0425, or C$0.068 a share.
The optimisation efforts include increased mechanisation and improved underground infrastructure, Galantas said in a statement.
The underground gold mine at Omagh has started limited production of gold concentrate, from feed produced in development of the Kearney vein. The processing plant uses a nontoxic flotation process to produce concentrates, without the use of cyanide or mercury.
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