Galantas raises £1.26m to fund development of gold mine in Omagh

Galantas, one of two Canadian exploration companies looking to find gold in Northern Ireland, is raising £1.26 million to fund the development of an underground mine at its prospect in Omagh.

The miner, which is listed in London and Toronto, revealed plans for a private placement of up to 30 million shares at a price of 4.2 pence per share. This is a discount to its current share price of 5.1 pence per share. Galantas said it expects existing investors to participate in the placement.

The net proceeds of the offering are to be used for working capital purposes and to continue development of the underground mine on the Omagh property.

Limited production

The mine has show limited production of gold concentrate from feed produced in development of the Kearney vein.

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Galantas said it expects to raise further funds to enable full production status to be reached at the mine.

Separately, Dalradian Resources, another Canadian explorer with interests in the North, has delisted from the Toronto Stock Exchange and London's AIM after approved for its €348 million takeover by Orion Mine Finance was officially granted.