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Eric Sprott announces that today, 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 50,000,000 units (Units) of Galantas Gold Corporation through a private placement, at $0.08 per Unit for total consideration of approximately $4,000,000. Each Unit consists of one common share (Share) and one Share purchase warrant (Warrant), entitling the holder to acquire one Share at $0.12 for 36 months from the date of issuance.
Prior to the acquisition, Mr. Sprott beneficially owned and controlled 10,166,667 Shares representing approximately 7.7% of the outstanding Shares. Mr. Sprott now beneficially owns and controls 60,166,667 Shares and 50,000,000 Warrants, representing approximately 13.1% of the outstanding Shares on a non-diluted basis and 19,.999% of the outstanding Shares on a partially-diluted basis (assuming exercise of such number of Warrants that do not restrict him from owning or controlling 20% or more of the Shares on a partially diluted basis), being an increase in holdings above 10% and, therefore, the filing of an early warning report.
The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Galantas Gold's address is 82 Richmond Street East, Suite 201, Toronto, Ontario, M5C 1P1. A copy of the early warning report with respect to the foregoing will appear on Galantas Gold's profile on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto, ON M5C 3C5).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/279319
