UK 23:12 Sunday, 25 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
As foreshadowed here last month, imposingly-named Galantas Gold Corporation (GAL) is assembling finance for its Cavancaw underground gold project near Omagh in County Tyrone, Northern Ireland, and has raised an equity component through a C$2.4 million (£1.2 million) placing of ‘units’ at the equivalent of 6p, 80% of them taken up by celebrated Canadian mining tycoon Ross Beaty. The AIM-quoted company, steered by entrepreneurial chief executive officer and 25% shareholder Roland Phelps, has issued shares equivalent to a 14.9% stake to Beaty, chairman of Pan American Silver and Altera Power Corporation and prime mover in several other resource ventures, to help fund underground mining at Cavancaw.
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Comments
martin ashworth
Your statement that the shares are “under half the 2006 placing level of 12p” is woefully incorrect.
You are forgetting that the shares have had a 1 for 10 consolidation in the interim time period, as well as a number of placings, in order to keep the lights on. On the plus side, Ross Beatty is no fool and Phelps does hav his own money where his mouth is. They have also done well to get planning permission for the underground mine and in successfully dealing with all the “Nimby” protestors.