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Galantas Gold Corporation (OTCMKTS:GALKF) Stock Continues To Drop

A company that may well be worth tracking this morning in light of an announcement made by it yesterday is Galantas Gold Corporation (OTCMKTS:GALKF). The company provided an update with regards to the related announcements it had made back on March 20 and March 28 this year.

Trading Data

On Wednesday, GALKF stock moved down 3.45% to $0.2800 with 80.75K shares, compared to volume of 75.88K shares. The stock moved within a range of $0.2739 – 0.2900 after opening trade at $0.2900.

Galantas Gold Announces Closing of Shares-for-Debt Transaction

Galantas Gold Corporation announced that it had successfully completed a share for debt transaction with a number of its arm’s length creditors. By way of the transaction, Galantas Gold Corporation managed to settle around C$ 749020 of its debts by issuing an aggregate of as many as 2080069 units with the deemed price of C$0.36 each.

A unit was made up of one common share in Galantas Gold Corporation and one common share purchase warrant. A warrant holder would be entitled to pick up a common share in the company for the price of $0.55 up until April 28, 2028.

That being said, the securities issued as part of the debt settlement would also be subject to a hold period of four months. As per the existing securities laws, the hold period would end on August 27, 2023. It remains to be seen in the Galantas stock getting any action today.

Published by Ian Leigh

Ian Leigh is a specialist in analyzing stocks, SEC and OTC filings, and financials of public and privately-held companies. He has played a significant role in M&A activity, consulting with publicly-held firms on acquisitions and divestitures. He also consults on valuations and branding. He lectures at major universities and teaches at specialty financial schools.

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