Galantas Gold Enters Joint Venture, Announces Shares for Debt Transaction
Why we think this is neutral
This RNS announcement does not contain any of the mandatory news types, such as contract news, order news, trading update, financing, funding, annual results, asset sale/disposal, flow testing, licence news, or delisting. As a result, the sentiment score is set to neutral.
Key Points
- Binding term sheet for joint venture on Omagh Gold Project with Ocean Partners
- Ocean Partners to exchange US$14 million in loans for 80% interest in project
- Galantas to retain 20% interest and be free carried on initial US$3 million investment
- Shares for debt transaction with Melquart Limited to convert US$875,000 debt into shares
Summary
The mining company has entered into a binding term sheet for a joint venture to develop its Omagh Gold Project in Northern Ireland, and announced a shares for debt transaction.
Key Points:
- Galantas Gold has entered into a binding term sheet with Ocean Partners UK Limited to joint venture the Omagh Gold Project in Northern Ireland.
- Ocean Partners will exchange approximately US$14 million in existing loans for an 80% interest in the project, with Galantas retaining a 20% interest.
- Ocean Partners will invest an initial US$3 million for exploration, a restart plan, and general and administrative costs.
- Galantas has also entered into a shares for debt transaction with shareholder Melquart Limited, who will convert US$875,000 of debt plus accrued interest into 17,630,050 common shares.
- The transactions are subject to shareholder and regulatory approvals.
Key Dates
August 5, 2025
Annual General Meeting and Special Meeting of Shareholders
GENERAL UPDATE