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