Galway Metals Inc. Announces Increase in Size and Closes Second and Final Tranche of Non- Brokered Private Placement

Galway Metals Inc. Announces Increase in Size and Closes Second and Final Tranche of Non-

Brokered Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

(Toronto, Ontario, January 21, 2020) – Galway Metals Inc. (TSX-V: GWM) (the “Company”) is pleased

to announce that, in connection with its previously announced non-brokered private placement (the

“Offering”), it is increasing the size of the Offering to an aggregate of $2,879,782 and it is closing the

second and final tranche (“ Second Tranche”) of the Offering . The Offering is comprised of the sale of

flow-through shares (“FT Shares”) at a price of $0.34 per FT Share and hard-dollar common shares (“HD

Shares”) at a price of $0.30 per HD Share . The first tranche (“ First Tranche”) consisted of the sale of

5,218,535 FT Shares for aggregate gross proceeds of $1,774,302 and the Second Tranche consisted of the

sale of 3,684,933 HD Shares for aggregate gross proceeds of $1,105,480.

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”). 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 sub ject 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 of

$76,362 and in connection with the closing of the Second Tranche, the Company has agreed to pay a

commission of $5,160 to eligible finders 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 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 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, securi ties

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, p erformance, 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 Comp any’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

82 Richmond Street East, Suite 200 Tel: 800-771-0680

Toronto, ON M5C 1P1 Fax: 416-361-0923

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, chan ges in exchange rates, fluctuations in

commodity prices, delays in the development of projects, risks associated with the defence of legal proceedings and other ris ks

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 Compan y 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 b e

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.