Galantas Reports Award of Incentive Stock Options

TORONTO, Feb. 14, 2019 (GLOBE NEWSWIRE) — Galantas Gold Corporation (the ‘Company’) (TSXV:GAL) (AIM:GAL), reports that it has awarded 3,200,000 incentive stock options on the Company’s common shares to directors, officers, consultants and key employees, in accordance with the terms of the Company’s incentive Stock Option Plan (2004). The exercise price for the options, which expire on February 13, 2024, is $0.09 Canadian per share and the grant of these options was approved by the Board on February 13, 2019. The options will vest as to one third on February 13, 2019 and one third on each of the following two anniversaries. The majority (65.6%) of the share options in this issuance have been awarded to non-directors, mainly employees (existing or newly appointed) directly involved in operations at the wholly owned Omagh gold mine, now engaged in underground development.

Number of options issued to directors and executives are noted below:

Director or
Executive Officer
Present office Number of Common Shares Owned, Beneficially Held or Controlled % of Class Held or Controlled Number of
existing
share options
Exercise price
of existing
share options
Expiry date
of existing
share options
New options granted  Total options held following grant 
                 
Ronald Alexander Director 112,000 0.04% 100,000
100,000
$0.105
$0.135
June 1st, 2020
March 25, 2022
100,000 300,000
                 
Lionel J. Gunter Non-Executive Chairman and Director 3,393,088 1.13% 200,000
200,000
$0.105
$0.135
June 1st, 2020
March 25, 2022
200,000 600,000
                 
Roland Phelps President and Chief Executive Officer and Director 49,338,167 16.46% 500,000
500,000
$0.105
$0.135
June 1st, 2020
March 25, 2022
200,000 1,200,000
                 
 James B. Clancy Director 36,846 0.01% 100,000
100,000
$0.105
$0.135
June 1st, 2020
March 25, 2022
100,000 300,000
                 
 James I. Golla Director 20,000 0.01% 100,000
100,000
$0.105
$0.135
June 1st, 2020
March 25, 2022
100,000 300,000
                 
Róisín Magee  Director 500,000 0.17%
0 200,000 200,000
                 
Leo O’Shaughnessy Chief Financial Officer 320,500 0.19% 200,000
200,000
$0.105
$0.135
June 1st, 2020
March 25, 2022
200,000
200,000
400,000
                 

The total number of incentive stock options outstanding prior to this award was 8,850,000 which results in the total number of incentive stock options now outstanding for the Company being 12,050,000.   

As at February 14, 2019 Galantas Gold Corporation Issued and Outstanding Shares total 299,686,805.

This disclosure has been authorised by Roland Phelps (President & CEO) Galantas Gold Corporation.

The Incentive Stock Option award is subject to TSX Venture Exchange approval.

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.

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

Enquiries: Galantas Gold Corporation
L. Jack Gunter P.Eng – Chairman,  Roland Phelps C.Eng – President & CEO
Email: info@galantas.com  Telephone: (UK) +44 (0) 2882 241100
Website: www.galantas.com 

Grant Thornton UK LLP (Nomad)
Philip Secrett, Richard Tonthat: Telephone: +44(0)20 7383 5100

Whitman Howard Ltd (Broker & Corporate Adviser)
Nick Lovering, Grant Barker: Telephone: +44(0)20 7659 1234