Galway Metals Announces Changes to the Board of Directors and Granting of Options

Rhea-AI Summary

Galway Metals (TSXV:GWM) announced significant changes to its Board of Directors following its October 25, 2024 AGM. Michael Kazickas, a successful commodity trading businessman, joined the Board, while Alfonso Gomez Rengifo resigned effective December 4, 2024. Andreas Curkovic, founder of Proconsul Capital with over 20 years of capital markets experience, was appointed to fill the vacancy and join the Audit and Compensation Committees.

Additionally, Joseph Cartafalsa and Michael Sutton did not seek re-election at the AGM. The company also granted approximately 4,675,000 incentive stock options at C$0.53 per share, expiring December 11, 2029, to employees, consultants, officers, and directors.

Positive

• Appointment of Michael Kazickas brings extensive commodity trading and institutional network experience
• Addition of Andreas Curkovic adds significant capital markets expertise
• All AGM resolutions passed successfully

Negative

• Loss of three experienced board members (Gomez, Cartafalsa, and Sutton)
• Potential dilution from 4.67M new stock options granted

TORONTO, ON / ACCESSWIRE / December 12, 2024 / Galway Metals Inc. (TSXV:GWM) ("Galway Metals" or the "Company"), announced that all resolutions at the Annual General Meeting of the Company ("AGM") held on October 25, 2024 were duly passed by shareholders. Galway Metals is also pleased to share updates regarding its board of directors (the "Board") following the AGM and the award of recent stock option grants.

Director Changes

Mr. Michael Kazickas was appointed to the Board following the AGM on October 25, 2024. Mr. Kazickas' career has been dedicated to building up a successful commodity trading business that he later successfully sold in 2013. This trading business was based out of New York and was focused on the trading of oil, precious and basic metals. Over the years, Mr. Kazickas built up an extensive network of institutional traders and bankers operating in different areas of the commodity trading arena. Mike initiated his career in the NYBOT futures and later switched the focus to oil and precious metals. Prior to starting his trading business, Mr. Kazickas started a truck rental business and a home decor manufacturing business as well. In recent years Mr. Kazickas business efforts have been focused on proprietary trading portfolio with a focus on value stocks and commodities.

The Board has since accepted the resignation of Alfonso Gomez Rengifo as a director of the Company, and as member of the Board's Audit Committee and newly formed Compensation Committee effective December 4, 2024.

"It has been an absolute pleasure working with Alfonso for 25 years. Initially as a country manager in Colombia and more recently as a Director for Galway Metals since its inception 10 years ago, I wish him well in his retirement but am excited with two recent additions at the board level" states Rob Hinchcliffe, President and CEO of Galway Metals.He adds "At the operational level, our focus continues to be directed to our Clarence Stream Gold Project led by Project Manager Jesse Fisher. It is worth noting that Phil Walford and Alan Moranda are actively supporting our geologists at the project level. We look forward to a prosperous 2025."

The board is also pleased to announce that Mr. Andreas Curkovic has been joined as a director of the Company to fill the vacancy created by the foregoing resignation and has been appointed to the Audit Committee and Compensation Committee in place of Mr. Gomez. Mr. Curkovic has spent twenty plus years in the capital markets in asset management, sales, and as a founder of Proconsul Capital, an investor relations and capital advisory firm where he has worked with more than two hundred public companies. Over the years, Mr. Curkovic has developed a unique network of investors across North America. He graduated from McMaster University and is a Chartered Financial Analyst.

As previously announced in the Company's AGM materials, Mr. Joseph Cartafalsa and Mr. Michael Sutton did not stand for re-election at the AGM. Galway Metals thanks Mr. Cartafalsa and Mr. Sutton for their contributions to the Company.

Results of AGM

All resolutions, which had been recommended by the Board, were duly passed by the shareholders. These resolutions were set out in the Notice of the AGM sent to shareholders dated September 10, 2024 and are available on Galway Metals' website.

Granting of Stock Options

The Company is also pleased to announce that it has awarded approximately 4,675,000 incentive stock options exercisable at C$0.53 per common share and expiring on December 11, 2029, to employees, consultants, officers and directors of the Company. This grant is in compliance with terms of the Company's Stock Option Plan and remains subject to acceptance by the TSX Venture Exchange.

About Galway Metals Inc.

Galway Metals is focused on creating significant per share value through the exploration and sustainable development of its two 100%-owned projects in Canada. Galway's flagship project, Clarence Stream, is one of the most important gold districts in Atlantic Canada as it hosts a large, high-grade gold resource in SW New Brunswick. Also important is Estrades, the former-producing, high-grade, gold- and zinc-rich polymetallic VMS mine in the northern Abitibi of western Quebec. Galway's activities will be conducted while respecting the environment and communities in which it operates. Galway is well capitalized. With substantially the same management team and Board of Directors, Galway Metals is keenly intent on creating similar value as it had with Galway Resources.

Should you have any questions and for further information, please contact (toll free):

Galway Metals Inc.
Robert Hinchcliffe President & Chief Executive Officer
1-800-771-0680
Website: www.galwaymetalsinc.com
Email: info@galwaymetalsinc.com
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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, the use of proceeds of the Offering, the anticipated closing date of the Offering, the Company's objectives, goals or future plans, potential corporate and/or property acquisitions, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, exploration results being less favourable than anticipated, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, risks associated with the defence of legal proceedings and other risks involved in the mineral exploration and development industry, as well as those risks set out in the Company's public disclosure documents filed on SEDAR. 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, exploration results will be consistent with management's expectations, financing will be available to the Company on favourable terms when required, commodity prices and foreign exchange rates will remain relatively stable, and the Company will be successful in the outcome of legal proceedings, 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.

SOURCE: Galway Metals Inc.

View the original press release on accesswire.com

FAQ

What changes were made to Galway Metals' (TSXV:GWM) Board of Directors in December 2024?

Michael Kazickas was appointed to the Board, Alfonso Gomez Rengifo resigned, and Andreas Curkovic was appointed to fill the vacancy and join the Audit and Compensation Committees.

How many stock options did Galway Metals grant in December 2024?

Galway Metals granted approximately 4,675,000 incentive stock options at C$0.53 per share, expiring December 11, 2029.

What is the exercise price and expiration date for Galway Metals' December 2024 stock options?

The stock options have an exercise price of C$0.53 per common share and expire on December 11, 2029.

Who are the new directors appointed to Galway Metals' board in late 2024?

Michael Kazickas, with extensive commodity trading experience, and Andreas Curkovic, founder of Proconsul Capital with over 20 years of capital markets experience, were appointed as new directors.