Business
Galway Metals Inc. Announces Increase in Size of Non-Brokered Private Placement and Closes First Tranche
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 Increase in Size of Non-Brokered Private Placement and Closes First TrancheNOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATESTORONTO, ON / ACCESSWIRE / May 9, 2019 / 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''), the Company has completed the first tranche (''First Tranche'') of the Offering and is increasing the size of the Offering to up to $3,150,000. 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. It is anticipated that closing of the second tranche (''Second Tranche'') will occur on or about June 9, 2019. The First Tranche of the Offering consisted of the sale of 4,594,593 FT Shares and 4,333,334 HD Shares for aggregate gross proceeds of $2,999,999.61.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 $83,999.99 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 Abitibi of western Quebec, and for working capital purposes. The gross proceeds received by the Company from the sale of the FT Shares will be used to incur Canadian Exploration Expenses (''CEE'') that are ''flow-through'' mining expenditures...