GALANTAS GOLD ANNOUNCES UPSIZE TO PRIVATE PLACEMENT OF UNITS

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TORONTO, Aug. 11, 2022 /CNW/ - Galantas Gold Corporation (TSXV:GAL.VN) (AIM:GAL) (OTCQX:GALKF) ("Galantas" or the "Company") is pleased to announce that it has entered into an amending 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"), to increase the size of the Company's previously announced proposed "best efforts" private placement to up to 13,333,340 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$6 million (the "Upsized Offering"). 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 (a "Warrant Share") at a price of C$0.55 per Warrant Share for a period of 30 months following the closing of the Upsized Offering.