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Galway Metals Announces Closing of $3,330,000 Non-Brokered Private Placement

 

 

 

 

 

Galway Metals Inc. (TSX-V:GWM) is pleased to announce that, further to its news release dated May 14, 2018, it has completed a non-brokered private placement financing consisting of the sale of 11,263,891 Hard Dollar Units at a price of $0.23 per HD Unit and 2,624,998 Flow Through Shares at a price of $0.28 per FT Unit for total gross proceeds of $3,325,694.

 

 

Each HD Unit consists of one common share in the capital stock of Galway Metals  and one-half of one Share purchase warrant. Each whole Warrant entitles the holder to purchase one Share for a period of 24 months after closing at a price of $0.35. Each FT Unit consists of one Share issued on a flow-through basis within the meaning of the Income Tax Act (Canada).

 

 

In connection with the Offering, the Company paid cash commissions in the aggregate of $90,599.96.

 

 

The securities issued and issuable pursuant to the Offering will be subject to a four month and one-day statutory hold period.

 

 

Galway Metals intends to use net proceeds from the Offering to complete field work on its Estrades and Clarence Stream properties in western Québec, Canada and New Brunswick, Canada, respectively. All proceeds from the sale of FT Units will be used to fund “Canadian exploration expenses” (within the meaning of the Tax Act).

 

Posted June 8, 2018

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