Galway Metals Announces Closing of $14 Million Brokered Private Placement Led by Michael Gentile

Galway Metals Inc. (GWM) has closed a financing originally announced on September 22, 2026, issuing 19,437,000 flow-through (FT) units at $0.72 per unit for aggregate gross proceeds of approximately $14 million. The transaction was executed via a brokered "best efforts" private placement with Beacon Securities Limited acting as sole agent. Each FT Unit consists of one FT common share and one common share purchase warrant, with each warrant exercisable at $0.80 for 36 months from closing, expiring in roughly October 2029.

Proceeds from the offering are designated for "Canadian exploration expenses" and "flow-through mining expenditures" at the company’s 100%-owned Clarence Stream gold project in New Brunswick. These expenditures must be incurred on or before December 31, 2027, with renunciation to subscribers effective December 31, 2026.

Michael Gentile now holds approximately 10.94% of the issued and outstanding common shares, rising to approximately 19.72% assuming the exercise of his warrants. The release notes that immediately prior to the offering, Mr. Gentile did not beneficially own or control any securities, marking this as a first-time strategic investment. Mr. Gentile has agreed to a 12-month lock-up on the securities purchased.

The agent received a cash commission of $606,434.40, representing approximately 4.3% of gross proceeds, which is below the 6% figure referenced in the initial September 22 announcement. The securities are subject to a four-month hold, and the closing remains subject to final acceptance by the TSX Venture Exchange. An Early Warning Report will be filed. This closing settles the $14 million raise, Gentile’s subscription of 17,150,000 units, and the ownership estimates previously disclosed in September.

Galway Metals Inc. (GWM) has completed a previously announced financing, a transaction for which the market had already received pricing, size, structure, and lead-investor details on September 22, 2026. The deal closed at the stated size, with Gentile’s final ownership settling at 10.94% of common shares, or approximately 19.72% on a fully diluted basis, compared to the expected ~11.04%. This minor variance reflects a slightly larger post-closing share base. Gentile’s 12-month lock-up is confirmed and binding, and the agent commission was finalized at approximately 4.3%.

Trading activity indicates that the market priced the substance of the deal during the initial announcement. The stock moved from $0.66 on September 21 to $0.89 on September 22, then rose to $1.03, $1.10, and peaked at $1.11 on September 28. This represented a ~35% single-session jump driven by the first-time Gentile investment. By the close on October 14, the stock was trading at $0.98, remaining well above the $0.72 issue price.

Issuing at $0.72 when shares traded between $0.66 and $0.89 around the announcement suggests the financing structure captured a strategic bid. The entry of a first-time, locked-up 10.9% holder with no prior position serves as a meaningful endorsement, with proceeds designated for self-funding exploration rather than rescue capital.

The transaction results in ~14.3% share-count dilution, adding 19,437,000 new shares to the ~135.9 million pre-deal base established in Q2-2026. This is accompanied by an overhang of 19.4 million new $0.80 warrants. Combined with December 2025 issuances, the fully diluted share base is expanding. The completion confirms the material news of September 22 without adding new substantive information.

Galway Metals Inc. (TSX-V: GWM; OTCQB: GAYMF) is a Canadian mineral exploration and development company. Its flagship asset is the 100%-owned Clarence Stream project in southwest New Brunswick, an emerging gold district with an exploration strike length of approximately 65 km that remains open in virtually all directions. An updated 2026 mineral resource estimate (MRE) reports Indicated resources of 27.2 million tonnes at 1.62 grams per tonne of gold for 1.42 million ounces, and Inferred resources of 28.5 million tonnes at 1.40 grams per tonne of gold for 1.29 million ounces. This represents a 20% increase in total contained gold and a 54% increase in Indicated ounces compared to the 2022 MRE. Antimony byproduct resources include 19,482 tonnes in the Indicated category and 3,065 tonnes in the Inferred category. Roughly half of the Indicated ounces are located above 3.0 grams per tonne of gold. There are no current reserves, and no economic study has been completed; a preliminary economic assessment (PEA) by BBA E&C is targeted for the first quarter of 2027.

The company’s second asset is the Estrades project in western Québec, which is 90% owned by Galway and 10% by Dowa, with Dowa holding the right to earn up to 45%. Estrades is a former producing high-grade, gold-rich polymetallic volcanogenic massive sulfide (VMS) mine. A PEA released in January 2026 outlined a toll-milling scenario with a 33% after-tax internal rate of return (IRR) and a C$212 million net present value (NPV) at a 5% discount rate based on long-term prices. At spot prices, the scenario rises to a 61% IRR and a C$518 million NPV. The project envisions an eight-year underground mine life at a production rate of 1,500 tonnes per day. Initial capital requirements are estimated at C$117 million for the toll-mill scenario and C$219 million for an on-site mill, with an all-in sustaining cost (AISC) of approximately US$1,987 per ounce of gold equivalent.

Galway Metals is led by President and CEO Robert Hinchcliffe, who previously founded Galway Resources and sold it for US$340 million. The project management team includes Jesse Fisher, P.Geo., managing Clarence Stream, and Stephen Poitras, P.Geo., managing Estrades. Jason Flight was appointed Vice President of Exploration effective March 18, 2026.