Galway Metals Announces Option Payment for Royalty Buy Back at Its Clarence Stream Property

Toronto-based Galway Metals Inc. (TSXV:GWM) has announced its intention to complete the fifth of six payments due under an agreement originally signed on July 21, 2020. This Fifth Partial Payment will include a cash payment of $125,000 and the issuance of 806,452 common shares at a price of $0.465 per share, totaling $375,000.

This agreement involved the buyback of a 2% net smelter returns royalty from a third-party holder on the Clarence Stream property in New Brunswick. The total purchase price is $3,000,000, payable in six equal annual installments. The first payment was settled in 2020 with 434,783 shares valued at $1.15 each.

Each subsequent $500,000 payment consists of $125,000 in cash, with the remaining amount paid in cash, shares, or a combination thereof, at the company's discretion. All share issuances are subject to a statutory hold period and regulatory approval.