APPLICATION TO EXTEND WARRANTS

RNS Number : 2527H

Galantas Gold Corporation

09 July 2012

 

GALANTAS GOLD CORPORATION

TSXV and AIM: Stock Symbol - 'GAL'

GALANTAS ANNOUNCES APPLICATION TO EXTEND WARRANTS

Date : 9th July 2012.  Galantas Gold Corporation (the 'Company'), the AIM and TSXV quoted gold producer and explorer with a 100% interest in Ireland's only operating gold mine, announces that it has made application to the TSX Venture Exchange in Toronto to extend 24,550,000 warrants, issued to Kenglo One Limited ('Kenglo'), to purchase common shares of the Company at $0.10 per share, which will otherwise expire on July 22, 2012.  The  Company has requested that the warrants be extended for a period of one year from their original expiry date.  All other terms of the warrants would remain unchanged, subject to the review and acceptance of this application by the TSX Venture Exchange. 

Kenglo currently holds 66,110,340 common shares representing 25.8% of the outstanding common shares of the Company.  Kenglo is therefore deemed to be a related party of the Company by virtue of being Substantial Shareholder in the Company (as defined in the AIM Rules for Companies). As a consequence, the Directors consider, having consulted with their nominated adviser, Charles Stanley Securities, that the extension of the warrant exercise period by one year is fair and reasonable insofar as shareholders are concerned.

Roland Phelps, President and CEO of the Company stated: "The Company has decided to extend the warrants for one year as that will permit a substantial potential funding opportunity to be maintained in the short term."

Galantas Gold Corporation Issued and Outstanding Shares total 256,210,395.

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.

Enquiries Galantas Gold Corporation Jack Gunter P.Eng - Chairman Roland Phelps C.Eng - President & CEO Email: [e-mail] Website: www.galantas.com Telephone: [phone]	Investor Relations Consultant Courtenay Heading (Maclir Consulting Ltd) Email : [e-mail] Telephone : (UK) [phone]
Charles Stanley Securities (Nominated Adviser) Mark Taylor Telephone [phone]

 

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