Business
Galway Metals Inc. Announces Closing of $3.37 Million Non-Brokered Private Placement; Four Insiders Participate
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES TO...
About this update from Galway Metals, Inc.
[{"type":"text","content":"Galway Metals Inc. Announces Closing of $3.37 Million Non-Brokered Private Placement; Four Insiders ParticipateNOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATESTORONTO, ON / ACCESSWIRE / December 21, 2018 / Galway Metals Inc. (TSX-V: GWM) (the \"Company\") is pleased to announce that, further to its news release dated November 30, 2018, it has completed a non-brokered private placement (the \"Offering\"). As a result of increased demand, the Company increased the size of the offering from up to $3,000,000 to $3,367,090. The Offering consisted of the sale of: (i) 2,826,086 Québec flow-through shares (\"QCFT Shares\") at a price of $0.23 per QC FT Share; (ii) 5,600,000 federal flow-through shares (\"FT Shares\") at a price of $0.20 per FT Share; and (iii) 9,394,636 hard-dollar common shares (\"HD Shares\") at a price of $0.17 per HD Share, for aggregate gross proceeds of $3,367,090.Each HD Share consists of one common share in the capital stock of the Company (\"Common Share\"). Each QC FT Share and each FT Share consist of one Common Share issued on a flow-through basis within the meaning of the Income Tax Act (Canada) (\"Tax Act\").Proceeds of the Offering will be used for exploration on the Company's Clarence Stream gold property located in south-western New Brunswick and on the Estrades polymetallic property located in the northern Abitibi of western Québec, and for working capital purposes. Gross proceeds received by the Company from the sale of FT Shares and QC FT Shares will be used to incur \"Canadian Exploration Expenses\" that are \"flow-through\" mining expenditures (as such terms are defined in the Tax Act, and in the case of QC FT Shares, the Taxation Act (Québec)) on the Company's properties in Québec. Such gross proceeds will be renounced to the subscribers with an effective date no later than December 31, 2020, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of FT Shares or QC FT Shares, as applicable.The Offering is subject to the receipt of all necessary regulatory approvals, including final acceptance of the TSX Venture Exchange (the \"Exchange\"). In connection with the Offering, the Company has agreed to pay a commission of $64,590, in accordance with the rules of the Exchange.Related Party Transaction...