CORRECT (Nov 14): Galantas acquires RDL Mining alongside fundraise
(Correcting the currency Canadian dollars from US dollars.)
Galantas Gold Corp on November 14 announced it acquired RDL Mining Corp in order to develop a gold-copper mine, and brokered a private placement to raise up to C$7 million. It subsequently upsized this financing to C$13.5 million.
The gold mining company focused on Northern Ireland and Scotland said the acquisition will create a combined company with the intention of leading the advancement of the Indiana gold-copper project located in Chile.
RDL Mining Corp was incorporated in British Columbia in July for the purpose of identifying, exploring and developing mining projects.
Chile-based Mineria Activa SpA owns the Indiana project, an operating gold and copper mine, of which RDL holds an option to acquire a 100% interest from.
Galantas said it is updating the mineral resource estimate for Indiana, and expects to complete a NI 43-101 technical report before the end of November.
The completion of the transaction is subject to the terms and conditions contained in the share purchase agreement.
Alongside the acquisition, Galantas said it intended to raise up to C$7 million as per a brokered private placement of up to 87.5 million units at a price of C$0.08 each. On November 21, it said it had increased thihs to 168.8 million units at the same price.
Completion of the financing is expected on or around December 4, according to Galantas.
If the transaction is completed, the company will appoint Lawrence Roulston to its board of directors as a non-executive director and Robert Sedgemore as its senior vice president of operations.
Galantas Chief Executive Mario Stifano said: ‘The Indiana project represents a compelling dual?path opportunity - with an operating mine and historical high?grade gold-copper resources, this transaction positions Galantas to fast?track the project into production, while simultaneously unlocking significant exploration upside by drilling the numerous outcropping and untested veins on the property.’
Shares in Galantas rose 5.5% to 4.49 pence on Friday morning in London.
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