Galahad Metals Announces Private Placement (ccnm)

OTTAWA, ONTARIO--(Marketwire - Jan. 20, 2011) - Galahad Metals Inc (TSX VENTURE:GAX) is pleased to announced that the Company plans to issue up to 3,000,000 non-brokered units at a price of $0.15 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 $0.25 per common share from the date of issue up to and including January 31, 2013. Interest in the issue is already significant and management expects the issue to close very quickly.

Robin Dow, C.E.O. reports: "This funding should carry Galahad through the next three to four months, including the next diamond drill programme at Regcourt, which we hope will start before the end of Q1, if not sooner. Timing is dependent on the receipt of the new Gem-com model which should have very dynamic drill targets."

Proceeds raised will be used for merging the expected down hole geophysical report into Gem-com, the interpretation of the resulting model, funding the next drilling programme at Regcourt and for working capital.