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Galway Metals Inc. Announces Increase in Size and Closes Second and Final Tranche of Non-Brokered Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES TORO...
About this update from Galway Metals, Inc.
[{"type":"text","content":"Galway Metals Inc. Announces Increase in Size and Closes Second and Final Tranche of Non-Brokered Private PlacementNOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATESTORONTO, ONTARIO / ACCESSWIRE / January 21, 2020 / Galway Metals Inc. (TSX-V: GWM) (the \"Company\") is pleased to announce that, in connection with its previously announced non-brokered private placement (the \"Offering\"), it is increasing the size of the Offering to an aggregate of $2,879,782 and it is closing the second and final tranche (\"Second Tranche\") of the Offering. The Offering is comprised of the sale of flow-through 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 (\"First Tranche\") consisted of the sale of 5,218,535 FT Shares for aggregate gross proceeds of $1,774,302 and the Second Tranche consisted of the sale of 3,684,933 HD Shares for aggregate gross proceeds of $1,105,480.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) (\"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 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 of $76,362 and in connection with the closing of the Second Tranche, the Company has agreed to pay a commission of $5,160 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-t...