Friday, 31st March 2006 (3221 views)

Irish mining corporation Galantas Gold has just announced that its shares have been admitted to the Alternative Investment Market (AIM) of the London Stock Exchange.

The company is currently constructing a gold mine and processing facility in Northern Ireland and the admission to the AIM is expected to establish financial benefits whilst minimising the burden on Galantas' shares.

The AIM is a submarket of the main LSE that allows smaller companies to float shares with increased flexibility due to the lower regulation and increased tax advantages for investors.

Galantas' new gold mine in County Omagh, built with financial support from Barclays Bank, is expected to begin production later this year at a 30,000oz capacity per annum.

Roland Phelps, the corporation's president and chief executive, was pleased to make the announcement: "The admission to AIM will help to widen Galantas' investor base and will allow Galantas to have greater access to the London equity capital markets," he said.

"As Galantas is currently in the process of constructing a plant…the board believe that now is an optimum time for a UK listing," Mr Phelps added.

The company's main business is the marketing and sale of Galantas Irish gold jewellery and it is now dual-listed on the AIM and the Canadian TSX Venture Exchange.

 

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