pcJ News Briefs – Galway Metals Inc. (TSX-V: GWM) has completed a non-brokered private placement of 1,142,857 non-flow-through (NFDT) units at $0.35 per NFT unit and 257,000 FT units at $0.43 per FT unit for aggregate gross proceeds of $510,510.
The Diversification of Exploration Investment Partnership (SIDEX Limited Partnership), which was established by the Government of Québec and Fonds de solidarité FTQ subscribed $400,000 in NFT units.
photo credit: Galway Metals
News Release
GALWAY METALS INC. ANNOUNCES $510,510 NON-BROKERED PRIVATE PLACEMENT FOR TOTAL OF $4.6 MILLION IN PROCEEDS
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
(Toronto, Ontario, November 27, 2017) – Galway Metals Inc. (TSX-V: GWM) (the “Company”) is pleased to announce that it has completed a non-brokered private placement financing (the “Offering”). The Offering consisted of the sale of 1,142,857 Hard Dollar Units (“HD Units”) at a price of $0.35 per HD Unit and 257,000 Flow Through Units (“FT Units”) at a price of $0.43 per FT Unit for total gross proceeds of $510,510. This is in addition to the closing of an earlier financing of $4,130,081.83 which was announced on November 14, 2017.
Each HD Unit consists of one (1) common share in the capital stock of Galway Metals (each a “Share”) and one-half (1/2) of one Share purchase warrant (a “Warrant”). Each FT Unit consists of one (1) Flow Through Share and one-half (1/2) of one Warrant. Each Warrant will entitle the holder to purchase one Share at the price of $0.50 for a period of 24 months after closing. If the closing price on the TSX Venture Exchange equals or exceeds $0.75 per Share for a period of 20 consecutive trading days, the Company has the right to accelerate the expiry date of the Warrants to the 30th day following the company mailing a notice of acceleration.
The $400,000 in HD Units were subscribed by The Diversification of Exploration Investment Partnership (SIDEX Limited Partnership), which was established by the Government of Québec and the Fonds de solidarité FTQ. The mission of SIDEX is to invest in companies engaged in mineral exploration in Québec in order to diversify Québec’s mineral base, encourage new exploration models, stimulate investment in exploration for new commodities and to open new territories with strong discovery potential.
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 the net proceeds from the Offering to complete the field work on its Estrades property, in western Québec, Canada.
For further information, please contact: Galway Metals Inc. Robert Hinchcliffe 1-800-771-0680 www.galwaymetalsinc.com