Galantas Gold Corporation

Galantas Gold Corporation

March 27, 2017 10:00 ET

Galantas Reports Award of Incentive Stock Options

TORONTO, ONTARIO--(Marketwired - March 27, 2017) - Galantas Gold Corporation (the 'Company') (TSX VENTURE:GAL)(AIM:GAL) reports that it has awarded 4,900,000 incentive stock options on the Company's common shares to directors, officers, consultants and key employees, in accordance with the terms of the Company's incentive Stock Option Plan (2004). The exercise price for the options, which expire on March 25 2022, is $0.135 Canadian per share and the grant of these options was approved by the Board on March 25 2017. The options will vest as to one third on March 25 2017 and one third on each of the following two anniversaries. The majority (76.5%) of the share options in this issuance have been awarded to non-directors, mainly employees (existing or newly appointed) directly involved in operations at the wholly owned Omagh gold mine, now in engaged in underground development.

Number of options issued to directors and executives are noted below:

Director or Executive Officer Present office Number of Common Shares Owned, Beneficially Held or Controlled % of Class Held or Controlled Number of existing share options Exercise price of existing share options Expiry date of existing share options New options granted Total options held following grant
Ronald Alexander Director 112,000 0.07 % 100,000 $0.105 June 1st, 2020 100,000 200,000
Lionel J. Gunter Non-Executive Chairman and Director 3,393,088 1.99 % 200,000 $0.105 June 1st, 2020 200,000 400,000
Roland Phelps President and Chief Executive Officer and Director 33,356,750 19.52 % 500,000 $0.105 June 1st, 2020 500,000 1,000,000
James B. Clancy Director 36,846 0.02 % 100,000 $0.105 June 1st, 2020 100,000 200,000
James I. Golla Director 20,000 0.01 % 100,000 $0.105 June 1st, 2020 100,000 200,000
Leo O'Shaughnessy Chief Financial Officer 320,500 0.19 % 200,000 $0.105 June 1st, 2020 200,000 400,000

The total number of incentive stock options outstanding prior to this award was 3,700,000 with an exercise price of $0.105 Canadian per share resulting in the total number of incentive stock options now outstanding for the Company being 8,600,000.

As at March 3, 2017 Galantas Gold Corporation Issued and Outstanding Shares total 170,894,087.

This disclosure has been authorised by Roland Phelps (President & CEO) Galantas Gold Corporation.

The Incentive Stock Option award is subject to TSX Venture Exchange approval.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

Contact Information

  • Enquiries: Galantas Gold Corporation
    L. Jack Gunter P.Eng
    (UK) +44 (0) 2882 241100

    Galantas Gold Corporation
    Roland Phelps C.Eng
    President & CEO
    (UK) +44 (0) 2882 241100

    Grant Thornton UK LLP (Nomad)
    Philip Secrett, Richard Tonthat
    +44(0)20 7383 5100

    Whitman Howard Ltd (Broker & Corporate Adviser)
    Nick Lovering, Grant Barker
    +44(0)20 7659 1234