TORONTO,
Dec. 20, 2012 /CNW/ - Galway
Resources Ltd. (GWY: TSX-V) ("Galway") is pleased to
announce the completion of its plan of arrangement (the
"Arrangement") with AUX Acquisition 2 S.àr.l, its
wholly-owned Ontario subsidiary,
AUX Canada Acquisition 2 Inc. ("AUX Canada"), Galway Metals
Inc. ("Galway Metals") and Galway Gold Inc. ("Galway
Gold"). Pursuant to the Arrangement, AUX Canada has acquired
all of the outstanding common shares of Galway for consideration,
on a per common share basis, of $2.05
in cash, one common share of Galway Metals and one common share of
Galway Gold.
Delisting of Galway's common shares from the TSX
Venture Exchange ("TSX-V") is expected to occur shortly and
an application for Galway to cease to be a reporting issuer in the
provinces of British Columbia and
Alberta will be filed as soon as
possible. As of December 17, 2012,
the shares of Galway Metals and the shares of Galway Gold have been
conditionally approved to be listed on the TSX-V under the symbols
"GWM" and "GLW", respectively. Final listing of the shares of each
of Galway Metals and Galway Gold remains subject to the company
satisfying listing conditions of the TSX-V. Given the non-North
American assets of Galway Gold and the attendant incremental
regulatory requirements, it is expected that the common shares of
Galway Metals will be listed for trading prior to the common shares
of Galway Gold. Upon completion of the Arrangement, each of Galway
Metals and Galway Gold became a reporting issuer in the provinces
of British Columbia and
Alberta. Each of Galway Metals and
Galway Gold intend to file an application to become a reporting
issuer in the province of Ontario.
Former registered shareholders and
warrantholders of Galway are required to submit certificates
representing their Galway common shares or warrants together with a
letter of transmittal to Kingsdale Shareholder Services Inc. in
order to receive the consideration to which they are entitled under
the Arrangement. Galway security holders with questions about the
process relating to submitting their certificates may contact
Kingsdale toll-free at 1 (866) 581-0512. Outside of North America, please dial 416-867-2272, or
email contactus@kingsdaleshareholder.com.
Neither the TSX Venture Exchange nor its
regulation services provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward Looking Statements:
Certain statements contained in this release
containing words like "believe", "intend", "may", "will", "expect",
"would" and other similar expressions, are forward-looking
statements that involve a number of risks and uncertainties. This
forward-looking information relates to, among other things, the
delisting of Galway's common shares and the final listing and
trading of the common shares of each of Galway Metals and Galway
Gold. Statements in this release that are forward-looking
statements are subject to various risks and uncertainties. Such
information contained herein represents management's best judgment
as of the date hereof based on information currently available.
Galway does not assume the obligation to update any forward-looking
statement, except as required by law.
SOURCE Galway Resources Ltd.