Galway Metals Inc. Announces Extension of Non-Brokered Private Placement
Galway Metals Inc. Announces Extension of Non-Brokered Private Placement
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TORONTO, ON / ACCESSWIRE / May 29, 2019 / Galway Metals Inc. (TSX-V: GWM) (the "Company") announces
that it is extending the closing date for the second and final tranche ("Second Tranche") of its non-brokered private
placement offering (the "Offering") previously announced on April 11, 2019 and May 8, 2019. The new closing date
of the Second Tranche, subject to approval by the TSX Venture, will be on or around June 14, 2019.
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. As announced on May 8, 2019, the
Company completed the first tranche ("First Tranche") of the Offering, which consisted of the sale of 4,594,593 FT
Shares and 4,333,334 HD Shares for aggregate gross proceeds of $3,000,000. Gross proceeds from the Second
Tranche will be up to $150,000, and together with the gross proceeds from the First Tranche, will be up to
$3,150,000.
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.
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 the closing
of the Second Tranche, the Company may pay commissions to eligible finders in accordance with the policies of the
Exchange.
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.
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.