Galway Metals announces $2.75M private placement

Galway Metals Inc.



News Release

GALWAY METALS INC. ANNOUNCES PRIVATE PLACEMENT

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

(Toronto, Ontario, October 25, 2017) – Galway Metals Inc. (TSX-V: GWM) (the “Company”) is pleased to announce a proposed non-brokered private placement financing of up to $2,750,000 comprising of the sale of flow-through units (the “FT Units”) and hard-dollar units (the “HD Units”), subject to regulatory approval and closing.

Each FT Unit will be sold for $0.43 and will consist of one flow-through common share and one-half of one common share purchase warrant (a “Warrant”). Each HD Unit will be sold for $0.35 and will consist of one common share and one-half of one Warrant. Each Warrant will entitle the holder to purchase one common share of the Corporation for a period of 24 months after closing at a price of $0.50. If the closing price on the TSXV of the common shares equals or exceeds $0.75 per share for a period of 20 consecutive trading days, the Corporation has the right to accelerate the expiry date of the Warrants. To exercise this right, within 30 days of the occurrence of an acceleration event, the Corporation must give written notice to the holder by ordinary prepaid mail, in which case the expiry date of the Warrants is accelerated to the date that is thirty (30) calendar days from the date of mailing at 4:00 pm Toronto time.

The proceeds of the private placement will be used for exploration on the Company’s Clarence Stream gold property located in south-western New Brunswick, Estrades polymetallic property located in the northern Abitibi of western Quebec and for working capital purposes. All proceeds from the sale of FT Units will be used to fund “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)). The securities issued pursuant to the offering will be subject to a hold period of four months and one day after closing.

For further information, please contact:

Galway Metals Inc.
Robert Hinchcliffe
1-800-771-0680
www.galwaymetalsinc.com

CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.