Roland Phelps

June 10, 2016 17:58 ET

Roland Phelps Acquires Additional Ownership of Common Shares in the Capital of Galantas Gold Corporation

TORONTO, ONTARIO--(Marketwired - June 10, 2016) - Roland Phelps, President & CEO of Galantas Gold Corporation, c/o DSA Corporate Services, 36 Toronto St #1000, Toronto, ON M5C 2C5, Canada, today announced pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues that on June 10, 2016 he acquired ownership of 11,883,835 common shares (the "Common Shares") in the capital of Galantas Gold Corporation ("Galantas") from treasury by way of a share for debt exchange in accordance with a debt settlement agreement between Galantas and Mr. Phelps. The debt conversion (the "Acquisition") was effected at a price of CDN$0.07875 per Common Share for conversion in the aggregate of CDN$935,852 outstanding principal amount of debt owing to Mr. Phelps by Galantas.

Prior to the Acquisition, Mr. Phelps owned, directly or exercised control or direction over 21,472,915 Common Shares.

After the Acquisition, Mr. Phelps now owns, directly or indirectly, or exercises control or direction over, 33,356,750 Common Shares. The 33,356,750 Common Shares represent approximately 24.2%% of the total number of issued and outstanding common shares of Galantas.

In addition, Mr. Phelps has rights (the "Options") to acquire, via the Galantas Employee Incentive Share Option Scheme, 200,000 common shares at an exercise price of CDN$0.50, expiring on September 6th, 2016 and 500,000 common shares at an exercise price of CDN$0.105, expiring June 1 2020.If all of the Options were exercised, Mr. Phelps would own, directly, or exercise control or direction over, approximately 24.6% of the issued and outstanding common shares of Galantas.

Mr. Phelps made the transaction for investment purposes. Mr. Phelps may, in the future, acquire ownership and control over additional securities of Galantas for investment purposes.

For more information, or to obtain a copy of the subject early warning report, please contact George Duguay, DSA Corporate Services, 36 Toronto St #1000, Toronto, ON M5C 2C5, Canada. Telephone: +1 416-848-4501.

Contact Information

  • DSA Corporate Services
    George Duguay
    +1 416-848-4501