Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
As foreshadowed here last month, imposingly-named Galantas Gold Corporation (GAL) is assembling finance for its Cavancaw underground gold project near Omagh in County Tyrone, Northern Ireland, and has raised an equity component through a C$2.4 million (£1.2 million) placing of ‘units’ at the equivalent of 6p, 80% of them taken up by celebrated Canadian mining tycoon Ross Beaty. The AIM-quoted company, steered by entrepreneurial chief executive officer and 25% shareholder Roland Phelps, has issued shares equivalent to a 14.9% stake to Beaty, chairman of Pan American Silver and Altera Power Corporation and prime mover in several other resource ventures, to help fund underground mining at Cavancaw.
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