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TORONTO - Galantas Gold Corporation (TSX-V & AIM:GAL; OTCQB:GALKF) has finalized its previously announced joint venture with Ocean Partners UK Limited to develop the Omagh Gold Project in Northern Ireland, according to a company press release issued Wednesday.
Under the terms of the transaction, Ocean Partners has exchanged approximately US$14 million (£10.3 million) in existing loans for an 80% interest in the Galantas subsidiaries that own the Omagh Project, while Galantas retains a 20% stake. The stock, which InvestingPro data shows trades with notably low volatility, is currently near its 52-week high, suggesting market confidence in this strategic move.
Ocean Partners has provided an initial US$3 million (£2.2 million) capital investment for exploration, restart planning, and administrative costs during the first phase of the joint venture. Galantas will be free carried during this period. Ocean Partners has the option to invest an additional US$5 million (£3.7 million) in a second phase.
The agreement appoints Ocean Partners as the project operator, with four representatives on the board of Flintridge Resources Limited, while Galantas will have one representative as long as it maintains at least a 10% interest.
During the initial term, Galantas has the right to convert its 20% equity interest into a 3.00% Net Smelter Return royalty, with half subject to buy-back for US$8 million.
Separately, Galantas announced the closing of a debt transaction with Melquart, which converted US$875,000 (£646,171) of debt plus accrued interest into 17,630,050 common shares at a deemed price of US$0.06 per share. Following this transaction, Melquart now holds approximately 35.4% of Galantas’ issued share capital. The company maintains a steady 3.46% dividend yield, demonstrating its commitment to shareholder returns. For deeper insights into Galantas’s financial metrics and additional analysis, investors can access more exclusive data through InvestingPro, which offers comprehensive financial health indicators and valuation metrics.
The newly issued shares are expected to be admitted to trading on AIM around September 29, 2025. After admission, Galantas’ issued share capital will comprise 132,400,637 ordinary shares.
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