Business
Galway Metals Announces Closing of $1,774,302 in First Tranche of 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 $1,774,302 in First Tranche of Non-Brokered Private PlacementNot for Distribution to U.S. News Wire Services or Dissemination in the United StatesTORONTO, ONTARIO / ACCESSWIRE / December 20, 2019 / Galway Metals Inc. (TSX-V:GWM) (the \"Company\") is pleased to report that, in connection with its previously announced non-brokered private placement on December 11, 2019 (the \"Offering\"), the Company has completed the first tranche (\"First Tranche\") of the Offering. The Offering is comprised of the sale of flow-through common shares (\"FT Shares\") at a price of $0.34 per FT Share and hard-dollar common shares (\"HD Shares\") at a price of $0.30 per HD Share. The First Tranche consisted of the sale of 5,218,535 FT Shares for aggregate gross proceeds of $1,774,302. The second and final tranche is expected to close in early, 2020.Each FT Share consists of one common share in the capital of the Company (\"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 approval of the TSX Venture Exchange (the ''Exchange'') and applicable securities regulatory authorities. In connection with the First Tranche, the Company has agreed to pay a commission in the aggregate of $76,361.99 to eligible finders 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. Gross proceeds received by the Company from the sale of 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 gross proceeds raised from th...