GALANTAS GOLD ANNOUNCES A PRIVATE PLACEMENT OF UP TO C$4 MILLION

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TORONTO, Aug. 8, 2022 /CNW/ - Galantas Gold Corporation (TSXV:GAL.VN) (AIM:GAL) (OTCQX:GALKF) ("Galantas" or the "Company") announces that it has entered into an agreement with Canaccord Genuity Corp., on behalf of itself and a syndicate of agents including Cormark Securities Inc. and Research Capital Corporation (together, the "Agents"), in connection with a proposed "best efforts" private placement (the "Offering") of up to 8,888,890 units of the Company ("Units") at a price of C$0.45 per Unit (the "Offering Price") for aggregate gross proceeds of up to approximately C$4 million. Each Unit will be comprised of one common share in the capital of the Company (each, a "Common Share") and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share in the capital of the Company (a "Warrant Share") at a price of $0.55 per Warrant Share for a period of 30 months following the closing of the Offering.