Galantas Announces Proposed Private Placement

TORONTO, ONTARIO--(Marketwired - Jan 18, 2017) - Galantas Gold Corp. (the "Company") (TSX VENTURE:GAL)(AIM:GAL), the AIM and TSXV quoted gold producer and explorer with a 100% interest in Northern Ireland's Omagh gold mine, announces a proposed private placement of shares.

A maximum of 35,000,000 shares are proposed to be issued, at a price of CDN$0.0725 (UK£0.045) per share (the "Placing") for a maximum gross total of CDN$2,535,246 (UK£1,575,000). A four month hold period will apply to the shares and issuance will be subject to TSX Venture Exchange approval. The shares will rank pari passu with the existing shares in issue of the Company.

The net proceeds to be raised by the Placing are intended to be used for working capital purposes and to commence development of an underground mine on the Omagh property. The Placing is expected to be on a part brokered basis.

A further announcement will be made in due course detailing the results of the Placing.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Galantas Gold Corp.'s Issued and Outstanding Shares total 137,800,830.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

Contact

Galantas Gold Corp.
L. Jack Gunter P.Eng
Chairman
(UK) +44 (0) 2882 241100
info@galantas.com
Galantas Gold Corp.
Roland Phelps C.Eng
President & CEO
(UK) +44 (0) 2882 241100
info@galantas.com
www.galantas.com
Grant Thornton UK LLP (Nomad)
Philip Secrett, Richard Tonthat
+44(0)20 7383 5100
Whitman Howard Ltd (Broker & Corporate Adviser)
Nick Lovering, Grant Barker
+44(0)20 7659 1234