en.Wedoany.com Reported - AIM-listed Galantas Gold Corporation recently announced plans to raise up to US$85 million through a brokered private placement to advance the exploration and development of its Indiana Gold-Copper Project and Andacollo Gold Project in Chile.
The offering is being led by Canaccord Genuity Corp. as sole bookrunner and lead agent. The company intends to issue up to approximately 154.55 million units at a price of US$0.55 per unit, with each unit consisting of one common share and one-half of a subscription warrant. Each whole warrant entitles the holder to purchase one company share at an exercise price of US$0.80 for a period of 24 months from the closing date of the financing.
Company CEO Mario Stifano, speaking recently about the Andacollo project, stated: "The updated mineral resource estimate represents a significant milestone for Galantas, confirming Andacollo as a brownfield gold project with scale, a long operating history, and substantial exploration and development potential." According to the previously released technical report, the Andacollo project hosts indicated mineral resources of 1.47 million ounces of gold and inferred resources of 4.54 million ounces of gold.
The agent has also been granted an over-allotment option to sell up to an additional approximately 27.27 million units, which could bring in up to an additional US$15 million in gross proceeds. The financing is expected to close on or around May 28, 2026, subject to approval from the TSX Venture Exchange.
Net proceeds from the offering will be specifically allocated to exploration and development activities at the Indiana Gold-Copper Project and the Andacollo Gold Project, as well as general working capital needs. Certain insiders are expected to participate in the subscription, which constitutes a related party transaction under Canadian regulations, and the company intends to proceed in reliance on applicable exemptions.
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