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Galway Metals Announces Upsizing Of Previously Announced Bought Deal Private Placement To $10m
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 Upsizing Of Previously Announced Bought Deal Private Placement To $10mNOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESTORONTO, ON / ACCESSWIRE / May 6, 2022 / Galway Metals Inc. (TSXV:GWM) (\"Galway Metals\" or the \"Company\"), is pleased to announce that in connection with its previously announced bought deal private placement financing (the \"Offering\"), the Company and Paradigm Capital Inc., on behalf of a syndicate of underwriters (collectively, the \"Underwriters\"), have agreed to increase the size of the Offering. The Company will now issue 6,666,700 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 \"FT Shares\") at a price of $0.60 per FT Share and 14,117,700 common shares of the Company (\"Hard Dollar Shares\") at a price of $0.425 per Hard Dollar Share, for for total gross proceeds of $10,000,043.In addition, the Company has granted the Underwriters an option (the \"Underwriters' Option\") to increase the size of the Offering by 1,176,500 Hard Dollar Shares, which option shall be exercisable at any time not less than 48 hours prior to the Closing Date.The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Shares, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible \"Canadian exploration expenses\" that qualify as \"flow-through mining expenditures\" as both terms are defined in the Income Tax Act (Canada) (the \"Qualifying Expenditures\") on or before December 31, 2023, and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Shares effective December 31, 2022. The proceeds from the sale of the Hard Dollar Shares will be used for exploration, updating technical studies, and for general corporate purposes.The Offering is subject to regulatory approval and all securities issued pursuant to the Offering will have a hold period of four months and one day. Closing of the Offering is anticipated to occur on or about May 26, 2022.The securities have not been, and will not be, registered under the Unites States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any U.S. state security laws, and may not be offered or sold in the Unite...