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Galway Metals Inc. Announces Extension of Non-Brokered Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES T...
About this update from Galway Metals, Inc.
[{"type":"text","content":"Galway Metals Inc. Announces Extension of Non-Brokered Private Placement NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATESTORONTO, ON / ACCESSWIRE / May 29, 2019 / Galway Metals Inc. (TSX-V: GWM) (the \"Company\") announces that it is extending the closing date for the second and final tranche (\"SecondTranche\") of its non-brokered private placement offering (the \"Offering\") previously announced on April 11, 2019 and May 8, 2019. The new closing date of the Second Tranche, subject to approval by the TSX Venture, will be on or around June 14, 2019.The Offering is comprised of the sale of flow-through shares (\"FT Shares\") at a price of $0.37 per FT Share and hard-dollar common shares (\"HD Shares\") at a price of $0.30 per HD Share. As announced on May 8, 2019, the Company completed the first tranche (\"First Tranche\") of the Offering, which consisted of the sale of 4,594,593 FT Shares and 4,333,334 HD Shares for aggregate gross proceeds of $3,000,000. Gross proceeds from the Second Tranche will be up to $150,000, and together with the gross proceeds from the First Tranche, will be up to $3,150,000.Each HD Share consists of one common share in the capital stock of the Company (\"Common Share\"). Each FT Share consists of one Common Share issued on a flow-through basis within the meaning of the Income Tax Act (Canada) (\"TaxAct\"). 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.In connection with the closing of the First Tranche, the Company has agreed to pay a commission in the aggregate amount of $84,000 to Red Cloud Klondike Strike Inc. and Leede Jones Gable Inc., and in connection with the closing of the Second Tranche, the Company may pay commissions to eligible finders in accordance with the policies of the Exchange.Proceeds of the Offering will be used to bring in a second drill rig to 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 Abitib...