TORONTO,
March 31, 2014 /CNW/ - 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.
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.
SOURCE Galway Metals Inc
