Galantas Gold Corporation (LON:GAL) is to raise up to £350,000 through a private placing in the UK and Canada at 13.28p (C22.5c).

Provisional indications have been received for C$457,469 (UK£270,000), the junior said, while a four-month plus one day hold period will apply to the shares.

 Galantas added it has agreed on terms, subject to final documentation, of an increase in the outstanding loan with Ocean Partners UK by US$$200,000 to a total of US$$1.8min.

The interest rate applicable on the Ocean Loan will rise to US$12 month LIBOR + 9.9% while the maturity date will be extended from 30 December 2020 to 31 December 2021.

The existing second charge debenture over mine assets will remain in place.

Galantas added that the mine at Omagh continues to deliver limited production of gold concentrate from the processing of low-grade stock.