Glen Eagle Resources Announces Closing of Private Placement
Montreal, Quebec, CANADA - TheNewswire – September 13, 2021 – Glen Eagle Resources Inc. (the “Corporation”) (TSXV:GER) is pleased to announce that it has closed its previously announced private placement (the "Offering") pursuant to which it has issued an aggregate of 14,285,713 units ("Units") of the Corporation at a price of $0.07 per Unit to raise aggregate gross proceeds of $1,000,000 (the “Offering”).
Each Unit of the Offering is comprised of one common share of the Corporation (each a “Share”) and one Share purchase warrant (each a “Warrant”), entitling the holder to acquire one additional Share in the capital of the Corporation at a price of $0.085 per Warrant until September 13, 2023.
The Corporation intends to use the net proceeds of the Offering for working capital and general corporate purposes.
The securities issued and issuable in connection with the closing of the Offering are subject to a statutory hold period expiring on January 14, 2022.
In connection with the Offering, the Corporation paid aggregate cash commissions of $53,200 and issued an aggregate of 760,000 finder warrants, each such finder warrant entitling the holder thereof to acquire one Share at an exercise price of $0.085 until September 13, 2023.
Insiders of the Corporation purchased an aggregate of 500,000 Units in connection with the Offering. The Offering and related matters remain subject to the final approval of the TSX Venture Exchange.
ABOUT GLEN EAGLE RESOURCES INC.
Glen Eagle Resources Inc. is a small producer and an exploration company of precious metals in Canada and the central America area.
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Neither 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 or accuracy of this release.
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including with respect to the receipt of final approval of the Offering by the TSXV. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Corporation, including the timing and nature of all regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.