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Galway Metals Announces Closing of $1,502,200 Non-Brokered Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES ...
About this update from Galway Metals, Inc.
[{"type":"text","content":"Galway Metals Announces Closing of $1,502,200 Non-Brokered Private PlacementNOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATESTORONTO, ON / ACCESSWIRE / July 22, 2019 / Galway Metals Inc. (TSX-V: GWM) (the “Company”) is pleased to announce that it has completed a non-brokered private placement financing (the \"Offering\") consisting of the sale of 4,060,000 Flow Through Shares (“FT Shares”) at a price of $0.37 per FT Unit for total gross proceeds of $1,502,200.Each FT Share consists of one 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 the approval of the TSX Venture Exchange (the ''Exchange'') and applicable securities regulatory authorities. The Company has agreed to pay a commission of $90,132 to Devon Capital Inc. 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. The gross proceeds received by the Company from the sale of the 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 the 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 a...