(Toronto, Ontario, March 31, 2014) – Galway Metals Inc. (TSX-V: GWM) (the “Company”) is pleased to announce that the Company is proceeding with a non-brokered private placement to raise up to C$660,000 through the issuance of up to 6,600,000 units at a price of C$0.10 per unit. All securities issued pursuant to the private placement will be subject to a statutory hold period of four months and one day. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to acquire one common share of the Company for a period of three years from the closing date of the Offering at an exercise price of C$0.15 per share (the “Exercise Price”).
The Company intends to use the proceeds from the private placement for exploration expenditures, property acquisitions and for general working capital purposes. Completion of the private placement is subject to the approval of the TSX Venture Exchange. Up to C$440,000 (66%) of the private placement will be made available to insiders as an inducement for continued service.
For further information, please contact:
Galway Metals Inc.
Robert Hinchcliffe
1-800-771-0680
www.galwaymetalsinc.com
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
CAUTIONARY STATEMENT: This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Galway Metal’s objectives, goals or future plans, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in Galway Metal’s public documents filed on SEDAR. Although Galway Metal believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Galway Metal disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.