TORONTO, ONTARIO--(Marketwired - Feb. 18, 2016) - Galantas Gold Corporation (Galantas) (TSX VENTURE:GAL)(AIM:GAL) has been informed by Roland Phelps, President and CEO, that he has transferred from indirect to direct ownership 1,421,068 Galantas common shares . Of these shares, 1,286,454 were previously held in trust by Mr. Phelps, in his name, on behalf of Welsh Gold plc and 134,454 shares were held directly by Welsh Gold plc in Galantas. The purchase price per share for both parcels of the shares was taken at the market price in Toronto at CDN$0.09, effective on February, 16 2016.
Welsh Gold plc is a company majority owned and controlled by Mr. Phelps. The Galantas shares, totalling 1,421,068, were previously declared (29th December 2003) as part of control and direction over an indirect shareholding in Galantas. The rationale for this transfer is to liquidate Welsh Gold plc, which is now effectively dormant. As a consequence of this change, there has been effectively no increase or decrease in the beneficial interest of Mr. Phelps in Galantas.
As a result of this transaction, Mr. Phelps' beneficial interest is held as a direct shareholding in Galantas of 21,472,916 shares representing 20.01% of the issued shares.
The details may be viewed on www.sedi.ca.
Galantas Gold Corporation's Issued and Outstanding Shares total 107,297,155.