(Toronto, Ontario, July 14, 2015) — Galway Gold Inc. (TSX-V: GLW) (the “Company”) announces that Mr. Manuel Barragan has resigned as a member of the Board of Directors due to the fact that the EBX Group is no longer the proprietor of the AUX companies. As part of the arrangement with AUX Canada Acquisition 2 Inc. (“AUX”) which closed on December 17, 2012, AUX had the right to nominate one director for election to the board of directors of Galway Gold.
On February 12, 2015, AAV Limited (“AAV”) announced that it had acquired ownership of 20,287,675 common shares (“Common Shares”) of Galway Gold Inc. representing approximately 12.2% of the issued and outstanding Common Shares of Galway from AUX in satisfaction of a debt obligation of a related party to AAV. AAV will acquire an additional 8,694,719 Common Shares of Galway from AUX which are held in escrow upon receipt of the consent of the TSX Venture Exchange.
Mr. Barragan has been a valuable member of the Board and Galway would like to thank Mr. Barragan for his service to the Company.
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Galway Gold Inc.
CAUTIONARY STATEMENT: 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 of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements made herein with respect to, among other things, potential acquisitions of mineral properties. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, unavailability of acquisition prospects on attractive terms or at all, fluctuations in commodity prices, and volatility in the financial markets. Although the Company believes that management’s assumptions used to develop the forward-looking information in this news release are reasonable, including that, among other things, the Company will be able to identify and execute on opportunities to acquire mineral properties, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information contained herein, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.