Galway Metals Announces Closing of $4 Million Brokered Private Placement

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

TORONTO, ON / ACCESSWIRE / April 27, 2023 / Galway Metals Inc. (TSXV:GWM) ("Galway Metals" or the "Company"), is pleased to announce that it has closed the previously announced best efforts private placement offering for aggregate gross proceeds of approximately $4.0 million consisting of the sale of 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 (the "Offering").

The Offering was carried out by Paradigm Capital Inc. as lead agent, and Laurentian Bank Securities Inc. (together, the "Agents").

The Offering is subject to final regulatory approval, and all securities issued and issuable pursuant to the Offering have a hold period of four months and one day. The Company will use the gross proceeds from the sale of the FT Shares to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as both terms are defined in the Income Tax Act (Canada) ("Qualifying Expenditures") on or before December 31, 2024. The Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2023.

As consideration for the services provided by the Agents in connection with the Offering: the Agents received (i) a cash commission of $240,001.20; and (b) 200,001 compensation options (the "Compensation Options"). Each Compensation Option is exercisable to acquire one common share of the Company on a non-flow through basis (each, a "Compensation Option Share") at a price of $0.60 per Compensation Option Share, for a period of 24 months following the closing of the Offering.

The securities have not been, and will not be, registered under the Unites States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state security laws, and may not be offered or sold in the Unites States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the Unites States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.