Historic Loan Advances
Company receives £176,965 in loan advances from Melquart for working capital and lease maintenance.
- 2024 Advance £76,965
- 2025 Advance £100,000
- Total advances £176,965
- Coupon 12%
- Term 24 months
Select text to share a quote on X · sign in to keep highlights & notes in your GAL notes
MAY 2, 2025, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") announces an update further to the announcement made on 30 April 2025 in relation to the loan advances made to the Company on November 6, 2024 ("2024 Advance") and on April 11, 2025 ("2025 Advance") by Melquart Ltd ("Melquart") which were on the same terms as the February 2023 loan between Melquart and the Company and which are set out below.
The 2024 Advance had a value of £76,965 and the 2025 Advance had a value of £100,000, have terms of 24 months, a coupon of 12% and are secured on the Gairloch lease asset. The loan advances were provided for general working capital purposes and to maintain the lease at the Company's Gairloch asset.
In accordance with AIM Rule 13, the Directors of the Company, having consulted with their Nominated Adviser, consider that, at the time they were entered into, the terms of the 2024 Advance and the 2025 Advance were fair and reasonable in so far as the Company's shareholders are concerned.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.