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Galway Metals Announces Closing of $15 Million Bought Deal Private Placement Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED ...
About this update from Galway Metals, Inc.
[{"type":"text","content":"Galway Metals Announces Closing of $15 Million Bought Deal Private Placement FinancingNOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESTORONTO, ON / ACCESSWIRE / March 25, 2021 / Galway Metals Inc. (TSXV:GWM) (\"Galway Metals\" or the \"Company\"), is pleased to announce that it has closed the previously announced bought deal private placement offering for aggregate gross proceeds of $15 million consisting of 5,999,900 common shares of the Company that qualify as \"flow-through shares\" (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (the \"National FT Shares\") at a price of $1.45 per National FT Share, 1,087,000 common shares of the Company that qualify as \"flow-through shares\" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)) (the \"QC FT Shares\" and together with the National FT Shares the \"FT Shares\") at a price of $1.84 per QC FT Share, and 4,095,400 common shares of the Company (\"Hard Dollar Shares\") at a price of $1.05 per Hard Dollar Share (together, collectively hereinafter referred as the \"Offered Securities\") (the \"Offering\").The Offering was carried out by a syndicate of underwriters led by Paradigm Capital Inc. (the \"Lead Underwriter\"), and including Laurentian Bank Securities Inc., Desjardins Securities Inc., and BMO Capital Markets (collectively, the \"Underwriters\").The Offering is subject to regulatory approval and all securities issued and issuable pursuant to the Offering will have a hold period of four months and one day. The Company will use the gross proceeds from the sale of the National FT Shares to incur eligible \"Canadian exploration expenses\" that qualify as \"flow-through mining expenditures\" as both terms are defined in the Income Tax Act (Canada) (\"Qualifying Expenditures\") related to the Company's projects in Canada, on or before December 31, 2022. The Company will use the gross proceeds from the sale of the QC FT Shares to incur Qualifying Expenditures related to the Company's projects in Québec on or before December 31, 2022. The Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2021.The proceeds from the sale of the Hard Dollar Shares will be used for exploration, ...