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Galahad seeks $450K in private placement

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Published on January 20, 2011; Published on January 20, 2011
OBJ Staff

To fund exploration for the next three to four months, Galahad Metals Inc. (TSX-V:GAX) is seeking a $450,000 private placement through issuing three million non-brokered units.

Topics :: Ottawa

The Ottawa junior mining firm, which raised hundreds of thousands of dollars in 2010, noted shareholder interest in the matter "is already significant" and the placement, at 15 cents a unit, is expected to close quickly.

"This funding should carry Galahad through the next three to four months, including the next diamond drill programme at Regcourt, which we hope will start before the end of Q1, if not sooner," stated chief executive Robin Dow.

Galahad raised $669,000 through flow-through and non flow-through units in a September private placement – above expectations – as well as $200,000 in April.

In November, Galahad announced a $200,000 private placement that it raised in two installments to $430,000.

Galahad hasn't announced yet whether it met the target.

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