Transactions

Peterson McVicar Acts for Galway Metals in Upsizing of $8 Million Bought Deal Private Placement Financing to $10 Million

On May 6, 2022 Galway Metals Inc. (“Galway Metals” or the “Company”) announced that in connection with its previously announced bought deal private placement financing (the “Offering”), it and Paradigm Capital Inc., on behalf of a syndicate of underwriters (collectively, the “Underwriters”), had agreed to increase the size of the Offering. The Company will now issue 6,666,700 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 “FT Shares”) at a price of $0.60 per FT Share and 14,117,700 common shares of the Company (“Hard Dollar Shares”) at a price of $0.425 per Hard Dollar Share, for total gross proceeds of $10,000,043.

 

In addition, the Company has granted the Underwriters an option (the “Underwriters’ Option”) to increase the size of the Offering by 1,176,500 Hard Dollar Shares, which option shall be exercisable at any time not less than 48 hours prior to the Closing Date.

 

Galway Metals is well capitalized with two projects in Canada: Clarence Stream, an emerging gold district in New Brunswick, and Estrades, the former producing, high-grade, gold-rich VMS polymetallic mine in Quebec.

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