/NOT FOR DISSEMINATION IN THE UNITED STATES/
GEORGETOWN, GRAND CAYMAN, CAYMAN ISLANDS, Feb. 12, 2015 /CNW/ - AAV Limited ("AAV") announced today that it has acquired ownership of 20,287,675 common shares ("Common Shares") of Galway Gold Inc. (TSX-V: GLW) ("Galway") representing approximately 12.2% of the issued and outstanding Common Shares of Galway. Prior to the transaction, AAV did not own any of the issued and outstanding Common Shares of Galway. The Common Shares were acquired at a price of C$0.08 per common share for aggregate consideration of C$1,623,014.00, and were acquired in exchange for Series A Preferred Securities of Centennial Asset Brazilian Equity Fund LLC, a Delaware limited liability company.
The Common Shares were acquired from AUX Canada Acquisition 2 Inc. ("AUX") in satisfaction of a debt obligation of a related party to AAV. AAV will acquire an additional 8,694,719 Common Shares of Galway from AUX which are held in escrow upon receipt of the consent of the TSX Venture Exchange.
Depending on market and other conditions, AAV may from time to time increase or decrease its holdings of Common Shares or other securities of Galway.
This news release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters.
A copy of the early warning report in respect of this transaction will be available at www.sedar.com.
SOURCE AAV Limited
For further information: For additional information, or for a copy of the early warning report filed in respect of the above, please contact: Theo Hildebrand, [email protected], +971 50 352 428, Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9005, Cayman Islands