Galway Metals Announces Option Payment For Royalty Buy Back At Its Clarence Stream Property

About this update from Galway Metals, Inc.

[{"type":"text","content":"Galway Metals Announces Option Payment For Royalty Buy Back At Its Clarence Stream PropertyTORONTO, ON / ACCESSWIRE / July 20, 2022 / Galway Metals Inc. (TSXV:GWM) (\"Galway\" or the \"Company\") is pleased to announce that it intends to settle the third (3rd) of six (6) payments (the \"Third Partial Payment\") due in consideration of an agreement previously announced on July 21, 2020 (the \"Agreement\") by the payment of $125,000 and the issuance of 925,926 common shares in the Capital of the Company (\"Shares\") at a deemed price equal to $0.405 per Share for a total deemed price of $375,000.Pursuant to the Agreement, the Company bought back a two percent (2.0%) net smelter returns royalty (the \"Royalty\") from an arm's length third party royalty holder (the \"Former Royalty Holder\"), covering certain mineral claims at the Company's Clarence Stream property in southwest New Brunswick (the \"Property\"). The Agreement provided for a total purchase price of $3,000,000 in six equal annual instalments of $500,000, with each partial payment representing the purchase of one-sixth (1/6) of the Royalty (each a \"Partial Payment\"). The first Partial Payment was settled on Closing in 2020 through the issuance of 434,783 Shares to the Former Royalty Holder at a deemed price equal to $1.15 per Share for a total deemed price of $500,000. Pursuant to the Agreement, each subsequent $500,000 Partial Payment is to be paid as follows: (i) $125,000 in cash; and, (ii) the remaining $375,000, at the sole election of the Company, shall be paid either in cash, through the issuance of Shares or a combination thereof as shall equal $375,000. The Shares will be subject to the statutory hold periods of four months and one day from the date of issuance. Completion of the issuance of the Shares is subject to the receipt of all regulatory approval including the approval of the TSXV.About Galway Metals Inc.Galway Metals is well capitalized with two projects in Canada, Clarence Stream, an important new gold district in New Brunswick, and Estrades, the former producing, high-grade precious metals rich polymetallic VMS mine in Quebec. The Company began trading on January 4, 2013, after the successful spinout to existing shareholders from Galway Resources following the completion of the US$340 million sale of that company.For further information, please visi...

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