On June 25, 2020 Galway Metals Inc. (“Galway Metals” or the “Company”) announced that it had closed the previously announced “best efforts” offering for aggregate gross proceeds of $17.35 million, consisting of 17,877,300 common shares of the Company that qualify as “flow-through shares” (the “FT Shares”) at a price of $0.635 per FT Share, and 13,636,400 common shares of the Company (“Offered Shares”) at a price of $0.44 per Offered Share (together, collectively hereinafter referred as the “Offered Securities”) (the “Offering”). The Offering was carried out by a syndicate of underwriters led by Paradigm Capital Inc., and including Laurentian Bank Securities Inc.

Mr. Eric Sprott purchased C$3.0 million of Offered Shares in the Offering. Following the closing of the Offering, Mr. Sprott’s fully diluted ownership interest in the Company was approximately 3.8%.

The Company intends to use the net proceeds from the Offering to fund ongoing exploration, to update the Company’s technical studies, and for general corporate purposes. Gross proceeds received by the Company from the sale of FT Shares will be used to incur Canadian Exploration Expenses that are ”flow-through” mining expenditures.

Galway Metals is focused on two gold projects in Canada, Clarence Stream, an emerging gold district in New Brunswick, and Estrades, the former producing, high-grade VMS mine in Quebec. The Company began trading on January 4, 2013, after the successful spinout to existing shareholders from Galway Resources following the completion of the US$340 million sale of that company. With substantially the same management team and Board of Directors, Galway Metals is keenly intent on creating similar value as it had with Galway Resources.

Peterson McVicar acted for Galway Metals Inc. with a team that included Dennis Peterson and Peter Georgas.