Galway Metals Inc. Announces Increase in Size of Non-Brokered Private Placement and Closes First Tranche
Galway Metals Inc. Announces Increase in Size of Non-Brokered Private Placement and Closes
First Tranche
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATIO N IN THE UNITED
STATES
(Toronto, Ontario, May 9, 2019) – 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”), the Company has completed the first tranche (“ First Tranche ”) of the Offering and is
increasing the size of the Offering to up to $3,150,000. The Of fering is comprised of the sale of flow-
through shares (“ FT Shares ”) at a price of $0.37 per FT Share and hard-dollar common shar es (“ HD
Shares”) at a price of $0.30 per HD Share. It is anticipated that clo sing of the second tranche (“ Second
Tranche”) will occur on or about June 9, 2019. The First Tranche of th e 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.
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-thr ough basis within the meaning of the
Income Tax Act (Canada) (“Tax Act”). The securities issued pursuant to the Offering will be subj ect to a
hold period of four months and one day after closing.
Completion of the Offering is subject to certain conditions inc luding, 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 Compan y has agreed to pay a commission of
$83,999.99 and in connection with the closing of the Second Tra nche, 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 dril l rig to the Clarence Stream gold property
located in south-western New Brunswick, for other exploration a t Clarence Stream and at the Estrades
polymetallic property located in the northern Abitibi of wester n Quebec, and for working capital
purposes. The gross proceeds received by the Company from the s ale of the 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 p roceeds 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 Exch ange) accepts responsibility for the adequacy of this news release. No stock exchange, securit ies
commission or other regulatory authority has approved or disapproved the information contained herein.
This news release contains forwa rd‐looking information, which is not comprised of historical facts. Forward‐looking informatio n
involves risks, uncertainties and other factors that could caus e actual events, results, perfor mance, prospects and opportunit ies
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, a mong other things, the Company’s objectives, goals or future
plans, potential corporate and/or property acquisitions, exploration results, potential mineralization, exploration and mine
82 Richmond Street East, Suite 200 Tel: 800-771-0680
Toronto, ON M5C 1P1 Fax: 416-361-0923
development plans, timing of the c ommencement of operations, an d 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 v arying significantly from estimates, delays in obtaining or fai lures
to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the
availability and costs of financing needed in the future, chang es 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 proceeding s
and other risks involved in the m ineral exploration and develop ment industry, as well as those risks set out in the Company’s
public disclosure documents filed on SEDAR. Although the Compan y believes that management’s a ssumptions used to develop
the forward‐looking information in this news release are reason able, including that, among other things, the Company will be
able to identify and execute on opportunities to acquire minera l properties, exploration results will be consistent with
management’s expectations, financ ing will be available to the C ompany on favourable terms when required, commodity prices
and foreign exchange rates will remain relatively stable, and t he Company will be successful in the outcome of legal
proceedings, undue reliance should not be placed on such inform ation, 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 i n f o r m a t i o n c o n t a i n e d h e r e i n , w h e t h e r a s a r e s u l t o f n e w
information, future events or otherwise, except as required by applicable securities laws.