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Galantas Gold ( (TSE:GAL) ) has provided an announcement.
Galantas Gold Corporation has finalized a joint venture with Ocean Partners UK Limited to advance the Omagh Gold Project in Northern Ireland. This strategic partnership involves Ocean Partners exchanging existing loans for an 80% stake in subsidiaries owning the Omagh Project, while Galantas retains a 20% interest. The deal strengthens Galantas’ financial position, enabling exploration and development efforts at Omagh and other projects, such as the Gairloch Project in Scotland. Ocean Partners will manage the Omagh Project, with an initial capital investment of $3 million and an option for an additional $5 million. The transaction also includes provisions for Galantas to convert its equity interest into a royalty under certain conditions. Additionally, Galantas completed a debt conversion with Melquart, enhancing its financial stability and shareholder structure.
More about Galantas Gold
Galantas Gold Corporation is a Canadian public company that trades on the TSX Venture Exchange and the London Stock Exchange AIM market under the symbol GAL, and on the OTCQB Exchange under the symbol GALKF. The company focuses on expanding gold production and resources at the Omagh Project in Northern Ireland and exploring the Gairloch Project in Scotland, which hosts the Kerry Road gold-bearing VMS deposit.
Find detailed analytics on GAL stock on TipRanks’ Stock Analysis page.