TORONTO, May 9, 2016 /CNW/ - Galane Gold Ltd.
("Galane" or the "Company") (TSX-V: GG) is pleased to
announce that its previously announced rights offering (the
"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.
Cautionary Notes
Certain statements contained in this press release constitute
"forward-looking statements". All statements other than statements
of historical fact contained in this press release, including,
without limitation, those regarding the completion, timing and
quantum of proceeds of the Rights Offering, the Company's future
financial position and results of operations, strategy, plans,
objectives, goals and targets, and any statements preceded by,
followed by or that include the words "believe", "expect", "aim",
"intend", "plan", "continue", "will", "may", "would", "anticipate",
"estimate", "forecast", "predict", "project", "seek", "should" or
similar expressions or the negative thereof, are forward-looking
statements. These statements are not historical facts but instead
represent only the Company's expectations, estimates and
projections regarding future events. These statements are not
guarantees of future performance and involve assumptions, risks and
uncertainties that are difficult to predict. Therefore, actual
results may differ materially from what is expressed, implied or
forecasted in such forward-looking statements.
Additional factors that could cause actual results, performance
or achievements to differ materially are set out under the heading
"Risks and Uncertainties" in Galane's annual management's
discussion and analysis for the year ended December 31, 2015, a copy of which is available
on the Company's SEDAR profile at www.sedar.com. Management
provides forward-looking statements because it believes they
provide useful information to investors when considering their
investment objectives and cautions investors not to place undue
reliance on forward-looking information. Consequently, all of the
forward-looking statements made in this press release are qualified
by these cautionary statements and other cautionary statements or
factors contained or referenced herein, and there can be no
assurance that the actual results or developments will be realized
or, even if substantially realized, that they will have the
expected consequences to, or effects on, the Company. These
forward-looking statements are made as of the date of this press
release and the Company assumes no obligation to update or revise
them to reflect subsequent information, events or circumstances or
otherwise, except as required by law.
Neither the 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.
SOURCE Galane Gold Ltd.