Galane Gold (GG-V) May 9, '16 is pleased to announce that its previously announced rights offering has closed.
Details of the Rights Offering are as follows:
the aggregate gross proceeds from the Rights Offering were approximately $713,000;
pursuant to the basic subscription privilege under the Rights Offering, 60,568,856 common shares of Galane ("Common Shares") have been issued;
pursuant to the additional subscription privilege under the Rights Offering, 10,745,586 Common Shares have been issued;
142,628,884 Common Shares are now issued and outstanding; and
no fees or commissions were paid in connection with the Rights Offering.
Galane CEO, Nick Brodie commented, "Having reviewed options to fund the restart of our newly acquired Galaxy operation, we decided that giving existing shareholders an equal opportunity to invest in the future of the Company via a rights issue was the most desirable path forward. I would like to thank our shareholders for their vote of confidence in our plans by ensuring the rights offering was heavily oversubscribed when taking into account additional subscription requests. We will now commence the recommissioning of the Galaxy plant and underground operations back up to their full production capacity plus installing a new tailings retreatment facility."
Galane will announce information with respect to the breakdown of distributions under the basic subscription privilege and additional subscription privilege to insiders before the distributions under the Rights Offering, or persons who became insiders as a result of the distributions under the Rights Offering, when that information becomes available to Galane, after reasonable inquiry.
About Galane Gold Ltd.
Galane is an un-hedged gold producer and explorer with mining operations and exploration tenements in Botswana and South Africa. Galane is a public company and its shares are quoted on the TSX Venture Exchange and the Botswana Stock Exchange under the symbol GG. Galane's management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programmes. Galane is committed to operating at world-class standards and is focused on the safety of its employees, respecting the environment, and contributing to the communities in which it operates.
SOURCE Galane Gold Ltd.
Nick Brodie, CEO,
Galane Gold Ltd.,
+ 44 7905089878,
Nick.Brodie@GalaneGold.com ,
www.GalaneGold.com |
