Galway Metals Announces Upsizing of Previously Announced Bought Deal Private Placement to $10M
GALWAY METALS ANNOUNCES UPSIZING OF PREVIOUSLY ANNOUNCED BOUGHT DEAL
PRIVATE PLACEMENT TO $10M
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES
Toronto, ON – May 6, 2022 – Galway Metals Inc. (TSXV: GWM) (“ Galway Metals” or the "Company"), is
pleased to announce that in connection with its previously announced bought deal private placement
financing (the "Offering"), the Company and Paradigm Capital Inc., on behalf of a syndicate of underwriters
(collectively, the “Underwriters”), have agreed to increase the size of the Offering. The Company will now
issue 6,666,700 common shares of the Company that qualify as “flow-through shares” (within the meaning
of subsection 66(15) of the Income Tax Act (Canada)) (the "FT Shares") at a price of $0.60 per FT Share
and 14,117,700 common shares of the Company (“ Hard Dollar Share s”) at a price of $0.425 per Hard
Dollar Share, for for total gross proceeds of $10,000,043.
In addition, the Company has granted the Underwriters an option (the “Underwriters’ Option”) to increase
the size of the Offering by 1,176,500 Hard Dollar Shares, which option shall be exercisable at any time not
less than 48 hours prior to the Closing Date.
The Company will use an amount equal to the gross proceeds received by the Company from the sale of
the FT Shares , pursuant to the provisions in the Income Tax Act (Canada), to incur eligible "Canadian
exploration expenses" that qualify as "flow -through mining expenditures" as both terms are defined in the
Income Tax Act (Canada) (the " Qualifying Expenditures" ) on or before December 31, 2023, and to
renounce all the Qualifying Expenditures in favour of the subscribers of the FT Shares effective December
31, 2022. The proceeds from the sale of the Hard Dollar Shares will be used for exploration, updating
technical studies, and for general corporate purposes.
The Offering is subject to regulatory approval and all securities issued pursuant to the Offering will have a
hold period of four months and one day. Closing of the Offering is anticipated to occur on or about May 26,
2022.
The securities have not been, and will not be, registered under the Unites States Securities Act of 1933, as
amended (the “U.S. Securities Act”), or any U.S. state security laws, and may not be offered or sold in the
Unites States without registration under the U.S. Securities Act and all applicable state securities laws or
compliance with requirements of an applicable exemption therefrom. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy securities in the Unites S tates, nor shall there be any
sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Galway Metals Inc.
Galway Metals is well capitalized with two projects in Canada: Clarence Stream, an emerging gold district
in New Brunswick, and Estrades, the former producing, high- grade, gold- rich VMS polymetallic mine in
Quebec. The Company began trading on January 4, 2013, after its successful spinout to existing
shareholders from Galway Resources following the completion of the US$340 million sale of that company.
With substantially the same management team and Board of Directors, Galway Metals is keenly intent on
creating similar value as it had with Galway Resources.
Should you have any questions and for further information, please contact (toll free):
2
Galway Metals Inc.
Robert Hinchcliffe
President & Chief Executive Officer
1-800-771-0680
Website: www.galwaymetalsinc.com
Email: [email protected]
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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 or accuracy of this news
release.
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 opportunities 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 use of proceeds of the Offering, the closi ng date of the
Offering, the tax treatment of the securities offered under the Offering, the timing of the Qualifying
Expenditures, the Company’s objectives, goals or future plans, the approval of the TSXV of the Offering. .
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 failur es 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, changes
in tax laws, 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 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 relatively 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 gi ven that
such events will occur 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.