Galway Metals Inc. Announces Closing of $3.1 Million Non-Brokered Private Placement
Galway Metals Inc. Announces Closing of $3.1 Million Non-Brokered Private
Placement
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES
TORONTO, ON / ACCESSWIRE / June 21, 2019 / Galway Metals Inc. (TSX-V: GWM) (the
"Company") is pleased to announce that, further to its news releases dated April 11, 2019, May
9, 2019, and May 29, 2019, it has completed the second and final tranche (the "Second
Tranche") of a non-brokered private placement (the "Offering"). The Offering is comprised of
the sale of flow-through shares ("FT Shares") at a price of $0.37 per FT Share and hard-dollar
common shares ("HD Shares") at a price of $0.30 per HD Share. The First Tranche of the
Offering consisted of the sale of 4,594,593 FT Shares and 4,333,334 HD Shares for aggregate
gross proceeds of $2,999,999.61 and the Second Tranche consisted of the sale of 270,270 FT
Shares for aggregate gross proceeds of $99,999.90.
Each HD Share consists of one common share in the capital stock of the Company ("Common
Share"). Each FT Share consists of one Common Share issued on a flow-through basis within
the meaning of the Income Tax Act (Canada) ("Tax Act"). 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.
Proceeds of the Offering will be used to bring in a second drill rig to the Clarence Stream gold
property located in south-western New Brunswick, 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. Gross proceeds received by the Company from the sale of 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.
The Offering is subject to the receipt of all necessary regulatory approvals, including final
acceptance of the TSX Venture Exchange (the "Exchange"). In connection with the closing of
the First Tranche, the Company has agreed to pay a commission in the aggregate amount of
$84,000 to Red Cloud Klondike Strike Inc. and Leede Jones Gable Inc and in connection with
closing the Second Tranche, the Company has agreed to pay a commission of $6,000 to Leede
Jones Gable Inc., in accordance with the rules of the Exchange.
The securities issued pursuant to the Offering will have a hold period of four months and one day
from the closing date.
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 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
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
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 given 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.
SOURCE: Galway Metals Inc.