Galantas Gold Corporation

Galantas Gold Corporation

August 17, 2007 11:01 ET

Galantas Announces Private Placement

TORONTO, ONTARIO--(Marketwire - Aug. 17, 2007) - Galantas Gold Corporation (the "Company") (TSX:VENTURE:GAL)(AIM:GAL), which has a 100% interest in Ireland's only gold mine, today announces a placing of 7,640,000 Units. Each unit is priced at UK Sterling Pounds Sterling 0.10 and is comprised of one common share and one half warrant. Each full warrant will entitle the holder to purchase one common share within 12 months from closing at a price of UK Sterling Pounds Sterling 0.15. The gross funds that are expected upon closing the private placement total Pounds Sterling 764,000. In connection with the placing a finder's fee (in cash) will be paid to Lewis Charles Securities Ltd.

The placing is subject to the completion of final documentation and the approval of the TSX Venture Exchange. It is anticipated that the date of closing of the placing will be on or about August 24, 2007.

The Company will utilize the net proceeds to be raised by the placing for exploration and development of the Omagh Gold Project and for general working capital purposes.

There are currently 168,035,855 common shares issued and outstanding in Galantas Gold Corporation.

This press release, required by applicable Canadian securities law, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

This press release includes certain "Forward-Looking Statements" within the meaning of the U.S. Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known or unknown risks, uncertainties and other factors. These "Forward-Looking Statements" are based on current expectations and projections about future events, including numerous assumptions regarding present and future business strategies, operations, and the environment in which the business will operate in the future. Forward-looking statements generally can be identified by the use of forward-looking terminology such as 'may', 'will', 'could', 'would', 'expect', 'intend', 'estimate', 'anticipate', 'believe', 'plan', 'seek' or 'continue', or negative forms or variations of similar terminology. There can be no assurance that such statements will prove accurate. Results and future events could materially differ from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements".

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Contact Information

  • Galantas Gold Corporation
    Jack Gunter P.Eng
    Executive Chairman
    +44 (0) 2882 241100
    Galantas Gold Corporation
    Roland Phelps C.Eng
    President & CEO
    +44 (0) 2882 241100
    ARM Corporate Finance Limited
    Nick Harriss
    +44 (0) 20 7512 0191
    Lewis Charles Securities Limited.
    Kealan Doyle
    +44 (0) 207 456 9100