On February 23, 2021 Galway Metals Inc. (“Galway Metals” or the “Company”) announced that is had entered into an agreement with Paradigm Capital Inc. on behalf of a syndicate of underwriters (collectively, the “Underwriters”), in connection with a bought deal private placement financing (the “Offering”) for total proceeds of $12 million, consisting of 4,138,000 common shares of the Company that qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (the “National FT Shares”) at a price of $1.45 per National FT Share, 1,087,000 common shares of the Company that qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)) (the “QC FT Shares” and together with the National FT Shares the “FT Shares”) at a price of $1.84 per QC FT Share and 3,809,600 common shares of the Company (“Hard Dollar Shares”) at a price of $1.05 per Hard Dollar Share.

The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Shares, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) on or before December 31, 2022, and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Shares effective December 31, 2021. The proceeds from the sale of the Hard Dollar Shares will be used for exploration, updating technical studies, and for general corporate purposes.

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.