V:GWM) (the "Company") is pleased to report that, in connection with its previously announced
Not for Distribution to U.S. News Wire Services or Dissemination in the United States
TORONTO, ONTARIO / ACCESSWIRE / December 20, 2019 / Galway Metals Inc. (TSX-
V:GWM) (the "Company") is pleased to report that, in connection with its previously announced
non-brokered private placement on December 11, 2019 (the "Offering"), the Company has
completed the first tranche ("First Tranche") of the Offering. The Offering is comprised of the
sale of flow-through common 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
consisted of the sale of 5,218,535 FT Shares for aggregate gross proceeds of $1,774,302. The
second and final tranche is expected to close in early, 2020.
Each FT Share consists of one common share in the capital of the Company ("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 subject to certain conditions including, but not limited to, the
receipt of all necessary approvals, including approval of the TSX Venture Exchange (the
''Exchange'') and applicable securities regulatory authorities. In connection with the First
Tranche, the Company has agreed to pay a commission in the aggregate of $76,361.99 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, 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.