Galway Metals Announces Closing of $1,502,200 Non-Brokered Private Placement
Galway Metals Announces Closing of $1,502,200 Non-Brokered Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES
(Toronto, Ontario, July 22, 2019) – Galway Metals Inc. (TSX-V: GWM) (the “Company”) is pleased to
announce that it has completed a non-brokered private placement financing (the "Offering") consisting
of the sale of 4,060,000 Flow Through Shares (“FT Shares”) at a price of $0.37 per FT Unit for total
gross proceeds of $1,502,200.
Each FT Share consist s of one Common Share issued on a flow -through basis within the meaning of the
Income Tax Act (Canada) (“Tax Act”). The securities issued pursuant to the Offering will be subject to a
hold period of four months and one day after closing.
Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all
necessary approvals, including the approval of the TSX Venture Exchange (the ''Exchange'') and
applicable securities regulatory authorities. T he Company has agreed to pay a commission of $ 90,132 to
Devon Capital Inc. in accordance with the policies of the Exchange.
Proceeds of the Offering will be used to continue the financing of drilling at the Clarence Stream gold
property located in south- western New Bruns wick, for other exploration at Clarence Stream and at the
Estrades polymetallic property located in the northern Abitibi of western Quebec, and for working capital
purposes. The gross proceeds received by the Company from the sale of the FT Shares will be used to
incur Canadian Exploration Expenses (''CEE'') that are ''flow-through'' mining expenditures (as such terms
are defined in the Income Tax Act (Canada)). Such gross proceeds will be renounced to the subscribers
with an effective date not later than December 31, 2019, in the aggregate amount of not less than the total
amount of the gross proceeds raised from the issue of FT Shares.
For further information, please contact:
Galway Metals Inc.
Robert Hinchcliffe
1-800-771-0680
www.galwaymetalsinc.com
CAUTIONARY STATEMENT: Neither the 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 of this news release. No stock exchange, securities
commission or other regulatory authority has approved or disapproved the information contained herein.
This news release contains forward- looking information, which is not comprised of historical facts. Forward -looking information
involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportuni ties
to differ materially from those expressed or implied by such forward- looking information. Forward -looking information in this
news release includes statements made herein with respect to, among other things, the Company’s objectives, goals or future
plans, potential corporate and/or property acquisitions, exploration results, potential mineralization, exploration and mine
development plans, timing of the commencement of operations, and estimates of market conditions. Factors that could cause
actual results to differ materially from such forward-looking information include, but are not limited to, exploration results being
less favourable than anticipated, capital and operating costs varying significantly from estimates, delays in obtaining or failures
to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the
availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of projects, risks associated with the defence of legal proceedings
and other risks involved in the mineral exploration and development industry, as well as those risks set out in the Company’s
82 Richmond Street East, Suite 200 Tel: 800-771-0680
Toronto, ON M5C 1P1 Fax: 416-361-0923
public disclosure documents filed on SEDAR. Although the Company believes that management’s assumptions used to develop
the forward-looking information in this news release are reasonable, including that, among other things, the Company will be
able to identify and execute on opportunities to acquire mineral properties, exploration results will be consistent with
management’s expectations, financing will be available to the Company on favourable terms when required, commodity prices
and foreign exchange rates will remain re latively stable, and the Company will be successful in the outcome of legal
proceedings, undue reliance should not be placed on such information, which only applies as of the date of this news release,
and no assurance can be given that such events will oc cur in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward -looking information contained herein, whether as a result of new
information, future events or otherwise, except as required by applicable securities laws.