Galahad Metals Increases Private Placement

OTTAWA, ONTARIO--(Marketwire - Nov. 24, 2010) - Galahad Metals Inc (TSX VENTURE:GAX) announces that the Company is increasing the terms of the private placement announced November 10, 2010 and amended November 18, 2010. The Company plans to issue a maximum aggregate of 4,010,000 (the "Units") consisting of an aggregate of common shares and warrants and flow-through common shares and warrants of the Issuer for gross proceeds of $430,100.

Each Regular Unit is priced at $0.09 per unit with each unit comprised of one common share and one common share purchase warrant, each whole warrant is exercisable at a price of $0.15 per common share from the date of issue up to and including November 30, 2012. The proceeds of $49,500 obtained from the issuance 550,000 Regular Units will be used for working capital.

Each Flow-through unit is priced at $0.11 per unit and consists of one flow-through common share and one common share purchase Warrant. Each Warrant shall entitle the subscriber to subscribe for and purchase one additional Share at a price of $0.15 per Share from the date of issue up to and including November 30, 2012. The proceeds of $380,600 obtained from the issuance of 3,460,000 Flow-Through Units shall be used for a diamond-drilling and down-hole geophysics exploration programme at Galahad's Regcourt Property near Val d'Or QC.

The Company will pay a Finder's Fee payable in a combination of cash and the issuance of securities of the Issuer equal to 4% of the cash and such number of Regular Units equal to 6% of the proceeds in connection with proceeds received by the Corporation from the sale of either Regular or Flow-Through Units to subscribers