NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia: March 14, 2006 – Galway Resources Ltd. (“Galway” or the “Company”) today announced that its Board of Directors has approved a two-for-one stock split, subject to shareholder and regulatory approval.
Management believes that a stock split will provide increased liquidity to shareholders and promote broader share ownership, which will be beneficial to existing shareholders. The stock split will result in the Company’s issued and outstanding share capital of 3,069,000 common shares being increased to approximately 6,138,000 issued and outstanding common shares.
The Company proposes to obtain shareholder approval by written consent and proposes to complete the stock split by way of push-out without any corresponding change of name of the Company.
The Company is also pleased to announce the appointment of Christopher Park, CGA, as Chief Financial Officer which becomes effective on March 15, 2006. Robert Hinchcliffe will resign as the Company’s CFO effective on the same day.
Mr. Park was formerly a senior associate at Galloway Botteselle & Co., a certified general accountancy firm in Vancouver, British Columbia. Upon leaving public practice, he joined Pathway Capital Ltd. as Controller and, in that role, has been responsible for all aspects of several public companies accounting and financial reporting.
For further information contact:
Galway Resources Ltd.
President and Director
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
Forward Looking Statements:
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the completion of transactions, the timing and amount of payments and share issuances, the completion of financings, the use of proceeds, future exploration, development and production activities and future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete contemplated transactions, payments, share issuances and financings, the use of proceeds, the time and success of future exploration, development and production activities and the timing and amount of expenditures.