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DUBAI, UNITED ARAB EMIRATES--(Marketwired - Mar 30, 2016) - Jimmy Lee announced today that he has acquired ownership and control of 7,451,500 common shares (the "Acquired Shares") of Galway Metals Inc. (the "Issuer"), representing 13.0% of the issued and outstanding common shares of the Issuer. As a result of this acquisition, Mr. Lee owns and controls 8,497,500 common shares of Galway, representing 14.9% of the issued and outstanding common shares of the Issuer.
The Acquired Shares were acquired through the facilities of the TSX Venture Exchange at an average price of $0.12 per share.
Mr. Lee acquired the Acquired Shares for investment purposes. He will review his investment on an ongoing basis and, depending upon such factors that he may, from time to time, deem relevant, he may, among other things: (i) acquire additional securities of the Issuer; (ii) dispose of some or all of the existing or additional securities of the Issuer he holds or will hold; (iii) engage in discussions with representatives of the Issuer concerning, among other things, the Issuer's business plans and/or the composition of its board of directors and/or management; (iv) seek to appoint nominees to the board of directors of the Issuer or otherwise influence the composition of the board of directors and/or management of the Issuer; (v) pursue an acquisition, merger or similar transaction involving the Issuer; and/or (vi) take such other actions with respect to the Issuer as he may, from time to time, determine appropriate.
All percentages disclosed herein relating to Mr. Lee's proportionate ownership and control of the issued and outstanding common shares of the Issuer are based on the number of issued and outstanding common shares of the Issuer disclosed in the Issuer's Management's Discussion and Analysis for the interim period ended September 30, 2015, being 57,195,248 common shares.
This press release is issued pursuant to Canadian National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of an early warning report filed by Mr. Lee in connection with such requirements is available under the Issuer's profile at www.sedar.com. Please refer to such report for further information regarding the transaction described in this press release.
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