Galantas Gold Share Discussion Threads

[foret] 10/1/2015 00:29

NEWS NEWS NEWS !

Galantas expects planning permit in Q1
By StockMarketWire | Fri, 9th January 2015 - 14:15
Galantas Gold Corporation says the planning permit for an underground mine on its open-pit property near Omagh, Co Tyrone, is approaching completion and is now expected during the first quarter.

The company is informed that this is due to a potential environmental improvement in the location of a storage area which will be subject to further consultation procedures. Although the potential environmental improvement is thought relatively minor and comes forward very late in the determination process, the company is advised that this change in the proposal is necessary prior to a decision being made. The company is advised that no other changes are currently under consideration or required. The Company's expectations regarding timelines are not in its own control, as the planning process is being managed by the Department of the Environment (Northern Ireland) Planning.

Short term funding for the project has been provided by an £100,000 addition to the existing secured loan facility from G&F Phelps Ltd (£1,214,268 - Sept 30, 2014). The loan carries interest at 2% above UK base rate, repayable on demand and secured by a mortgage debenture on the Company's assets. G&F Phelps Ltd is a company owned by Galantas Gold Corporation president and chief executive Roland Phelps, who is also a director of G&F Phelps Ltd.

The increase in the secured loan facility is therefore considered to be a related party transaction for the purposes of AIM Rule 13. Accordingly, the directors, other than Phelps, confirm that, having consulted with Charles Stanley Securities, the company's nominated adviser, they consider the terms of the transaction to be fair and reasonable insofar as the company's shareholders are concerned.

At 2:15pm: (LON:GAL) Galantas Gold Corporation share price was -0.13p at 3.25p

[bahamasoil] 09/1/2015 14:33

The Northern Ireland government have a safety net of £2bn



They want devolved government, they wonder why there are no jobs and I wonder why we keep paying.

[nat hart] 09/1/2015 14:20

Was the only gold mine I think we can say. I don't think the government of Northern Ireland has a clue and probably the reason why their economy is a disaster zone and holding back the rest of the UK. AIMHO

[nat hart] 04/12/2014 08:55

The Telegraph agrees that Galantas is Ireland's only goldmine.

[caveat_emptor] 03/12/2014 19:02

The first you said?
What about DAlr......
Surely they will be first too?

[nat hart] 03/12/2014 15:31

Now if we can have the planning permission finally granted for the underground mine we can continue to be the sole producer of gold in the UK.

Market Cap of £3.4 million could/might attract a bid at a sizeable premium. AIMHO NAI

From the RNS

( It has a planning application for continuing operations underground nearing determination.)

[bahamasoil] 03/12/2014 14:33

Very good news on the jewellery front, most welcome

Well done Roland

[rambutan2] 04/11/2014 13:17

Noted that Dalradian joining AIM next month...

[nat hart] 30/10/2014 22:32

Good volume today. Is news in the pipeline? Let's hope it's positive. GLA

[the count] 24/10/2014 12:15

--->BAGEO

Your post 2609... many thanks for that. Interesting!

Sorry it took me a while to come back to this board... I have been quite busy elsewhere.


--->ALL

I too was at the recent presentation. It certainly did not escape my attention that Roland had failed to answer the question directly about funding and I was going to pick him up on it in the informal session afterwards but didn't get the opportunity to do so.

I have recently spoken to him about it and how it came across. He was sorry and said it was not his intention to try to deceive in any way. All the companies presenting there were nearly running on fumes so he stressed that he wasn't trying to hide anything as the next presenter even made the comment about how all the companies there were not exactly rolling in money.

He was merely caveating the point first, but without answering directly... but he was trying to get the greater point across that given how much personal financial support he had given the company till then, he was not about to walk away from it now when they were so close to actually coming up with a gold producing mine via an underground operation.

Getting the approval through really is the biggest news we can expect now and it is looking as if it is about to be granted at long last. Then it becomes a whole new ball game. At these prices and lowly market cap, it is mere option money now.

Regards,

THE COUNT!

[doobydave] 23/10/2014 22:04

Likewise, speaking as another longtime investor. Were it not for Roland dipping into his own bank account, GAL would have been dead and buried years ago, and I would have lost 100% of my investment. From comments above, he is clearly not being disingenuous and I don't think he should be marked down.

Unfortunately, that doesn't stop Galantas being a binary proposition at this stage.

[bageo] 23/10/2014 20:07

me to, Roland did say that the company was running on fumes, as did a presenter from another company, and that he was supporting it whilst the planning is being sorted.

Compare Roland's libor+2% (i.e. 2.5%) loan to the company which you can compare to many other companies where directors and connected parties loan money at 10-15% and this is described as fair and reasonable.
Or even worse where directors get loans/advances from the company which are being funded by loans the company gets at 10-15% or worse.

[nmf777] 23/10/2014 19:24

Add another vote of confidence in Roland from me please. My investment here is modest in comparison to some but I've been here since the early days. Would dearly love to see this company come good for the sake of all of us. It's been a rocky road!

[bahamasoil] 23/10/2014 14:27

It is worth remembering that the Company benefited for many years thanks to Roland’s support with plant at below market interest rates.
I, for one am grateful and look forward to a speedy conclusion to the Planning issue.

[rolandp] 23/10/2014 10:43

Here and then
My apologies. I am not a natural public speaker. My mind raced and I left out part of what I wanted to say. I should have referred you to the last quarterly accounts. ( I intended to comment that obviously the company was running on fumes. The blathering was me trying to demonstrate that the company had my support in terms of loans (CDN$2.2m) but did this rather clumsily.

[scars] 23/10/2014 06:22

Why does the company owe him 2m?

And yes, any question on cash, and cash burn should really have been answered directly. No investor likes anything hidden on financing.

[here and there] 20/10/2014 12:22

he just blathered and avoided the question…twice…deliberately!

I want you to invest in my company with an MC of £3million. I own 28% and the company owes me £2 million. I won't tell you how much cash we have and how much we spend each month but I want you to invest in my company!!!!!!!!!!!

outrageous, in my opinion, so I wont invest

[jbilt2004] 20/10/2014 12:13

Here and there - what was the reason/excuse given, if any, by Phelps for his refusal to answer questions on cash + burn rate? Seems an unusual scenario to stonewall an audience of investors on such a legitimate question.

I don't like the smell of that.

[bageo] 19/10/2014 18:36

The count

The example of an underground mining with 5 year mine life (and has had for a decades) is Pajingo

hxxp://www.evolutionmining.com.au/projectsPajingoGoldMine.html
or older info
hxxp://www.heemskirk.com/articles/index/presentations_1/year:2009

[here and there] 18/10/2014 12:22

I went to the presentation.

Roland Phelps owns 28%. The MC is under £3million. Phelps is owed £2million ( i believe)

When pressed on cash situation and cash burn he refused to answer. when pressed again he refused to answer.

Phelps was very optimistic on permitting by the end of the year and then arranging some sort of debt financing/off take financing within 3 months of that. they will have to raise some money on the market but will wait till permitting is granted and a higher share price

My opinion. I can't invest because phelps owns too much and is owed too much. how he expects people to invest when he wont come clean on cash position and burn rate is beyond me!!! i also believe permitting and fund raising will take a lot longer than he thinks. there might be a trade to be had if/when the share price drops back, wait for permitting and sell on the ensuing spike….i say might!

all my own opinion/observations

[bageo] 17/10/2014 06:40

A good presentation last night - the slides are available on the Proactive website now.

[aim_trader] 09/10/2014 11:52

President and CEO Roland Phelps will be presenting at Proactive Investors in Mayfair next Thursday. To register please click;

[colinvest] 08/10/2014 12:19

sunshine57: 1)General market bearish sentiment; 2) MM's gone short all day yesterday; 3)long time before the gold is taken out of the ground and realised for cash. 4) Cash is king these days ..!! -(boring maybe, but safe!)

[sunshine57] 08/10/2014 11:38

Any idea of the big drop today?