Robert Hinchcliffe acquires ownership of securities of Galway Metals Inc.
TORONTO, April 16, 2014 /CNW/ - Robert Hinchcliffe, c/o 36 Toronto Street, Suite 1000, Toronto, Ontario, M5C 2C5, announces that he has acquired beneficial ownership and control of 4,150,000 units ("Units") of Galway Metals Inc. (TSXV: GWM) (the "Reporting Issuer"), with each Unit comprised of one common share in the capital of the Reporting Issuer (each, a "Share") and one-half of one Share purchase warrant (each whole such warrant, a "Warrant"), each Warrant entitling the holder thereof to acquire one additional Share at a price of $0.15 for a period of 36 months following the date of closing of the Offering (as hereinafter defined). The 4,150,000 Units were acquired at a price of $0.10 per Unit as part of a private placement of 6,600,000 Units by the Reporting Issuer (the "Offering").
Prior to the Offering, Mr. Hinchcliffe had beneficial ownership and control of an aggregate of 2,921,717 Shares, representing approximately 5.78% of the issued and outstanding Shares on a non-diluted basis.
Immediately following the Offering, Mr. Hinchcliffe has beneficial ownership and control of an aggregate of 7,071,717 Shares, representing approximately 12.37% of the issued and outstanding Shares on a non-diluted basis, and beneficial ownership and control of 2,075,000 Warrants, representing approximately 62.88% of the outstanding Warrants.
Assuming the exercise of the Warrants, Mr. Hinchcliffe would beneficially own and control an aggregate of 9,146,717 Shares, representing approximately 15.45% of the issued and outstanding Shares on a partially-diluted basis.
The Shares and the Warrants directly and indirectly held by Mr. Hinchcliffe, including those underlying the Units indirectly purchased by Mr. Hinchcliffe as part of the Offering, are being held for investment purposes. In the future Mr. Hinchcliffe may, depending on market and other conditions, increase or decrease his beneficial ownership of securities of the Reporting Issuer.
Mr. Hinchcliffe resides in a foreign jurisdiction, and his purchase of Units was made on a prospectus-exempt basis pursuant to the securities laws of such foreign jurisdiction.
SOURCE Robert HinchcliffeFor further information: For further information or to obtain a copy of the relevant early warning report, please contact: Dennis H. Peterson, Peterson Law Professional Corporation, 390 Bay Street, Suite 806, Toronto, Ontario M5H 2Y2, Telephone: (416) 777-6772