Galway Metals Resolves Litigation with Former Employee via Cash and Shares

Galway Metals Inc. has announced a settlement agreement to resolve litigation initiated by a former employee. The settlement involves a payment of $800,000, consisting of $500,000 in cash and $300,000 in common shares of the company. A total of 619,834 shares will be issued at a price of $0.484 each, subject to the approval of the TSX Venture Exchange (TSXV).

The decision to settle partly in shares aims to preserve Galway's cash reserves for ongoing operations. No insider participation is involved, ensuring no new control person is created in the company as a result. Once approved, the issued shares will be under a four-month hold period, adhering to TSXV policies.

The settlement reflects Galway's strategic approach to managing financial liabilities, ensuring minimal impact on its operational finances.