Galway Metals Announces Option Payment for Royalty Buy Back at Its Clarence Stream Property
Galway Metals Announces Option Payment for Royalty Buy Back at Its
Clarence Stream Property
TORONTO, August 1, 2024 -- Galway Metals Inc. (TSXV: GWM) (“Galway” or the "Company") is pleased to announce that it
intends to settle the fifth (5th) of six (6) payments (the “ Fifth Partial Payment”) due in consideration of an agreement previously
announced on July 21, 2020 (the “ Agreement”) by the cash payment of $125,000 and the issuance of 806,452 common shares in
the Capital of the Company (“Shares”) at a deemed price equal to $0.465 per Share for a total deemed price of $375,000.
Pursuant to the Agreement, the Company bought back a two percent (2.0%) net smelter returns royalty (the “Royalty”) from
an arm’s length third party royalty holder (the “ Former Royalty Holder”) , covering certain mineral claims at the Company’s
Clarence Stream property in southwest New Brunswick (the “Property”). The Agreement provided for a total purchase price of
$3,000,000 in six equal annual instalments of $500,000, with each partial payment representing the purchase of one-sixth (1/6)
of the Royalty (each a “ Partial Payment ”). The first Partial Payment was settled on Closing in 2020 through the issuance of
434,783 Shares to the Former Royalty Holder at a deemed price equal to $1.15 per Share for a total deemed price of
$500,000. Pursuant to the Agreement, each subsequent $500,000 Partial Payment is to be paid as follows: (i) $125,000 in
cash; and, (ii) the remaining $375,000, at the sole election of the Company, shall be paid either in cash, through the issuan ce
of Shares, or a combination thereof as shall equal $375,000. The Shares will be subject to the statutory hold periods of four
months and one day from the date of issuance. Completion of the issuance of the Shares is subject to the receipt of all regulatory
approval including the approval of the TSXV.
About Galway Metals Inc.
Galway Metals is focused on creating significant per share value through the exploration and sustainable development of its
two 100%-owned projects in Canada. Galway’s flagship project, Clarence Stream, is one of the most important gold districts in
Atlantic Canada as it hosts a large, high -grade gold resource in SW New Brunswick. Also important is Estrades, the former -
producing, high -grade, gold - and zinc -rich polymetallic VMS mine in the northern Abitibi of western Quebec as it hosts
significant resources in the middle of a major gold camp. After its successful spinout to existing sha reholders from Galway
Resources following the completion of the US$340 million sale of that company. The company is looking to replicate the same
success in Canada with our two highly perspective projects.
Should you have any questions and for further information, please contact (toll free):
Galway Metals Inc.
Robert Hinchcliffe President & Chief Executive Officer
1-800-771-0680
Website: www.galwaymetalsinc.com
Email: [email protected]
Look us up on Facebook, Twitter or LinkedIn
Cautionary Statement
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto
Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking
statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to
the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be
identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Si nce
forward-looking statements are based on assumptions and address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Although these statements are based on information currently available to the
Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties
and other factors involved with forward -looking information could cause actual events, results, performance, prospects and
opportunities to differ materially from those expressed or implied by such forward -looking informat ion. Forward looking
information in this news release includes, but is not limited to, completion of the Royalty buy back on the announced terms o r
at all, objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward -looking
information include, but are not limited to the risks involved in the mineral exploration and development industry, and those
risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assum ptions and
factors used in preparing the forward -looking information in this news release are reasonable, 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 occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revi se
any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by
law.