DUBAI, UNITED ARAB EMIRATES--(Marketwired - Nov. 8, 2016) - Jimmy Lee announced today that he has disposed of ownership and control of 2,900,000 common shares ("Shares") of Galway Metals Inc. (the "Issuer") by way of gift (the "Disposition"), representing approximately 5.0% of the issued and outstanding Shares of the Issuer. Immediately prior to the Disposition, Mr. Lee had ownership and control of 8,497,500 Shares of the Issuer, representing approximately 14.7% of the issued and outstanding Shares. As a result of the Disposition, Mr. Lee has ownership and control of 5,597,500 Shares of the Issuer, representing approximately 9.7% of the issued and outstanding Shares of the Issuer.
The Issuer's head office is located at 200 - 82 Richmond Street East Toronto, Ontario M5C 1P1.
The disposition of Shares described herein was for the purpose of a gift. Mr. Lee will review his investment on an ongoing basis and, depending upon such factors that Mr. Lee may, from time to time, deem relevant, Mr. Lee 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 Mr. Lee 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 Shares of the Issuer are based on the number of issued and outstanding Shares of the Issuer disclosed in the Issuer's Management's Discussion and Analysis for the three and six months ended June 30, 2016, being 57,995,248 common shares.
This press release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and 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 will be 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.