Galway Metals closes $14M private placement with Gentile stake

Galway Metals Inc. (TSX-V: GWM)(OTCQB: GAYMF) has closed a brokered private placement raising approximately $14 million through the issuance of 19,437,000 flow-through units at $0.72 per unit, according to a company statement.

Each flow-through unit consists of one common share and one warrant. Each warrant allows the holder to acquire one non-flow-through common share at $0.80 per share for 36 months from closing. Beacon Securities Limited acted as sole agent and received a cash commission of $606,434.40.

Proceeds will be used to fund eligible Canadian exploration expenses at the company's Clarence Stream gold project in New Brunswick, on or before December 31, 2027. Qualifying expenditures will be renounced in favor of subscribers effective December 31, 2026.

Investor Michael Gentile participated in the offering and now beneficially owns 17,150,000 common shares and 17,150,000 warrants, representing approximately 10.94% of issued and outstanding common shares, or approximately 19.72% assuming full exercise of his warrants. Gentile held no securities in the company prior to the offering.

Gentile has agreed to a 12-month lock-up on securities acquired through the offering, restricting sales, offers, or options on those securities during that period. Issued securities are also subject to a four-month hold period under Canadian securities laws.

The closing remains subject to final acceptance by the TSX Venture Exchange.

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