Galway Metals Inc. (TSX-V: GWM) is pleased to announce that further to its press release dated April 25, 2024, it has closed the second and final tranche of its non-brokered private placement. The second tranche consisted of 238,095 traditional flow-through units of the Corporation at a price of $0.42 per Traditional FT Unit for aggregate gross proceeds to the Corporation of $99,999.90, bringing the total gross proceeds of the Private Placement to $4,519,984.26.

Each Traditional FT Unit consists of one flow-through common share of the Corporation, and one common share purchase warrant. Each Warrant will entitle the holder to acquire one non-flow-through common share of the Corporation for an exercise price of $0.60 per share for a period of 2 years from the closing date of the Private Placement.

Each FT Share and each Warrant qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada). The gross proceeds of the Private Placement will be used for “Canadian exploration expenses” (within the meaning of the Tax Act), which will qualify, once renounced, as “flow-through mining expenditures”, as defined in the Tax Act, which will be renounced with an effective date of no later than December 31, 2024 (provided the subscriber deals at arm’s length with the Corporation at all relevant times) to the subscribers of Traditional FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the Traditional FT Units.

Pursuant to applicable Canadian securities laws, all securities issued in connection with the second tranche Private Placement are subject to a hold period of four months and one day, expiring on September 4, 2024. The Private Placement remains subject to the final approval of the TSX Venture Exchange.

About Galway Metals Inc.

Galway Metals is focused on creating significant per share value through the exploration and sustainable development of its two 100%-owned projects in Canada. Galway’s flagship project, Clarence Stream, is one of the most important gold districts in Atlantic Canada as it hosts a large, high-grade gold resource in SW New Brunswick. Also important is Estrades, the former-producing, high-grade, gold- and zinc-rich polymetallic VMS mine in the northern Abitibi of western Quebec as it hosts significant resources in the middle of a major gold camp. After its successful spinout to existing shareholders from Galway Resources following the completion of the US$340 million sale of that company. The company is looking to replicate the same success in Canada with our two highly perspective projects.