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Galway Metals Inc. Announces Extension of Non-Brokered Private Placement

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TORONTO, ON / ACCESSWIRE / May 29, 2019 / Galway Metals Inc. (GWM.V) (the "Company") announces that it is extending the closing date for the second and final tranche ("SecondTranche") of its non-brokered private placement offering (the "Offering") previously announced on April 11, 2019 and May 8, 2019. The new closing date of the Second Tranche, subject to approval by the TSX Venture, will be on or around June 14, 2019.

The Offering is comprised of the sale of flow-through shares ("FT Shares") at a price of $0.37 per FT Share and hard-dollar common shares ("HD Shares") at a price of $0.30 per HD Share. As announced on May 8, 2019, the Company completed the first tranche ("First Tranche") of the Offering, which consisted of the sale of 4,594,593 FT Shares and 4,333,334 HD Shares for aggregate gross proceeds of $3,000,000. Gross proceeds from the Second Tranche will be up to $150,000, and together with the gross proceeds from the First Tranche, will be up to $3,150,000.

Each HD Share consists of one common share in the capital stock of the Company ("Common Share"). Each FT Share consists of one Common Share issued on a flow-through basis within the meaning of the Income Tax Act (Canada) ("TaxAct"). Securities issued pursuant to the Offering will be subject to a hold period of four months and one day after closing.

Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange (the ''Exchange'') and applicable securities regulatory authorities.

In connection with the closing of the First Tranche, the Company has agreed to pay a commission in the aggregate amount of $84,000 to Red Cloud Klondike Strike Inc. and Leede Jones Gable Inc., and in connection with the closing of the Second Tranche, the Company may pay commissions to eligible finders in accordance with the policies of the Exchange.

Proceeds of the Offering will be used to bring in a second drill rig to the Clarence Stream gold property located in south-western New Brunswick, for other exploration at Clarence Stream and at the Estrades polymetallic property located in the northern Abitibi of western Quebec, and for working capital purposes. Gross proceeds received by the Company from the sale of FT Shares will be used to incur Canadian Exploration Expenses (''CEE'') that are ''flow-through'' mining expenditures (as such terms are defined in the Income Tax Act (Canada)). Such gross proceeds will be renounced to the subscribers with an effective date not later than December 31, 2019, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of FT Shares.

For further information, please contact:

Galway Metals Inc.
Robert Hinchcliffe
1-800-771-0680
www.galwaymetalsinc.com

CAUTIONARY STATEMENT: Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in the policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy of this newsrelease. No stock exchange, securities commission or other regulatory authorityhas approved or disapproved the information contained herein.

This news release containsforward-looking information, which is not comprised of historical facts.Forward-looking information involves risks, uncertainties and other factorsthat could cause actual events, results, performance, prospects andopportunities to differ materially from those expressed or implied by suchforward-looking information. Forward-looking information in this news releaseincludes statements made herein with respect to, among other things, theCompany's objectives, goals or future plans, potential corporate and/orproperty acquisitions, exploration results, potential mineralization,exploration and mine development plans, timing of the commencement ofoperations, and estimates of market conditions. Factors that could cause actualresults to differ materially from such forward-looking information include, butare not limited to, exploration results being less favourable than anticipated,capital and operating costs varying significantly from estimates, delays inobtaining or failures to obtain required governmental, environmental or otherproject approvals, political risks, uncertainties relating to the availabilityand costs of financing needed in the future, changes in equity markets,inflation, changes in exchange rates, fluctuations in commodity prices, delaysin the development of projects, risks associated with the defence of legalproceedings and other risks involved in the mineral exploration and developmentindustry, as well as those risks set out in the Company's public disclosuredocuments filed on SEDAR. Although the Company believes that management'sassumptions used to develop the forward-looking information in this newsrelease are reasonable, including that, among other things, the Company will beable to identify and execute on opportunities to acquire mineral properties,exploration results will be consistent with management's expectations,financing will be available to the Company on favourable terms when required,commodity prices and foreign exchange rates will remain relatively stable, and theCompany will be successful in the outcome of legal proceedings, undue relianceshould not be placed on such information, which only applies as of the date ofthis news release, and no assurance can be given that such events will occur inthe disclosed time frames or at all. The Company disclaims any intention orobligation to update or revise any forward-looking information containedherein, whether as a result of new information, future events or otherwise,except as required by applicable securities laws.