GER:CC - Glen Eagle Further Reporting On The Moose Lake Transaction
(TheNewswire)
Montreal, Quebec, CANADA – TheNewswire - August 30, 2022 – Glen Eagle Resources Inc. (the “ Corporation ”) (TSXV:GER) announces that asecond tranche of $500,000 dollars has been paid to Glen Eagle byFirst Phosphate Corp two months ahead of time following the Closing ofits oversubscribed private placement completed at a price of $0.25cents for gross proceeds of $1,758,750.
The remaining balance of $500,000 due out to theCorporation will be paid on or before February 17, 2023. FirstPhosphate will then have fully acquired the Moose Lake property fromthe Corporation, having fulfilled all its obligations under the OptionAgreement previously signed by both parties on June 17, 2022.
As per the Option Agreement, First Phosphate has alsoissued 6,000,000 shares to the Corporation subject to a statutory fourmonth and one day hold period and a voluntary resale restriction with10% of such Shares being released on March 31, 2023 and 15% of suchShares being released every three months thereafter.
Jean Labrecque, president of Glen Eagle says: “thecurrent transaction of selling Moose Lake to First Phosphate was thebest financial transaction that the Corporation could undertake toleverage its Moose Lake phosphate asset, allowing our management tostay focused and to further improve the Cobra Oro gold processingplant and operations in Honduras. We would also like to thank FirstPhosphate management for their professionalism, speedy execution ofthe Option Agreement and deployment efforts to advance the Moose Lakephosphate project to a whole new level.”
For further details on the First Phosphate privateplacement:
For more information, pleasecontact:
Jean Labrecque
President, Glen Eagle Resources
1-514-808-9807
Neither TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
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