/NOT FOR DISSEMINATION IN THE UNITED STATES/
GEORGETOWN, GRAND CAYMAN, CAYMAN ISLANDS, Aug. 18, 2015 /CNW/ - AAV Limited ("AAV") announced today that it acquired ownership of an additional 8,694,719 common shares ("Common Shares") of Galway Gold Inc. (TSX-V: GLW) ("Galway") representing approximately 5.2% of the issued and outstanding Common Shares of Galway, which are held in escrow upon receipt of the consent of the TSX Venture Exchange ("TSXV").
The Common Shares were acquired from AUX Canada Acquisition 2 Inc. pursuant to a transaction in February 2015, subject to the consent of the TSXV, in satisfaction of a debt obligation of a related party to AAV. The Common Shares were acquired at a price of C$0.08 per common share, the closing price of the Common Shares on the TSXV on February 10, 2015, for aggregate consideration of C$695,577.52, and were acquired in exchange for Series A Preferred Securities of Centennial Asset Brazilian Equity Fund LLC, a Delaware limited liability company.
Prior to the transaction, AAV owned 20,287,675 common shares of Galway representing approximately 12.2% of the issued and outstanding Common Shares of Galway. Upon completion of the transaction, the 28,982,394 common shares owned by AAV represent approximately 17.4% of the issued and outstanding Common Share of Galway.
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: 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