Galahad Metals Inc.
TSX VENTURE : GAX

Galahad Metals Inc.

July 23, 2009 16:53 ET

Galahad Metals Amends Use of Proceeds

OTTAWA, ONTARIO--(Marketwire - July 23, 2009) - Galahad Metals Inc (TSX VENTURE:GAX) Subject to regulatory acceptance, the Company is arranging a non-brokered private placement consisting of up to 3,000,000 units of the Company ("Units") at a price of $0.08 per Unit for gross proceeds of up to $240,000. Each Unit will consist of one common share of the Company and one common share purchase warrant. Each Warrant will entitle the holder thereof to acquire one common share of the Company for a period of 60 months at a price of $0.12 per common share.

The company wishes to clarify that the gross proceeds from the private placement will be used to pay the Board of Land Management fees on the Bottle Creek NV property and to provide the Company with additional working capital.

The Company may pay a finders' fee of up to 5% of the gross proceeds and 5% of the units in connection with a portion of the financing.

All securities issued in connection with this financing will be subject to a four-month hold period.

Dr. James M. Franklin, FRSC, P.Geo, is the Qualified Person as defined by National Instrument 43-101 for the Bottle Creek Projects. For further information, please go to www.galahadmetals.com.

"The statements in this Press Release may contain forward looking statements that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has not approved or disapproved of the information contained in this Press Release."

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