By Laura Lutz
Des Moines, March 22 - Galway Resources Ltd. plans to complete a private placement of units for up to C$5,199,450.
The company intends to sell up to 6.117 million units of one share and one half-share warrant at C$0.85 per unit.
Each whole warrant will be exercisable at C$1.30 for two years.
Expiry of the warrants may be accelerated if the company's shares trade at or above C$1.75 for 20 consecutive trading days.
A company controlled by Sprott Asset Management Inc. will subscribe for C$5 million of the financing.
Proceeds will be used to develop the company's three United States-based projects, for general corporate purposes and for working capital.
Galway is a mining company based in Elko, Nev.
| Issuer: | Galway Resources Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$5,199,450
|
| Units: | 6.117 million
|
| Price: | C$0.85
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.30
|
| Investor: | Company controlled by Sprott Asset Management Inc. (for C$5 million)
|
| Pricing date: | March 22
|
| Stock symbol: | TSX Venture: GWY
|
| Stock price: | C$1.18 at close March 21
|
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