GERFF - Glen Eagle Resources Announces Closing of Private Placement and Shares for Debt
(TheNewswire)
Montreal, Quebec, CANADA - TheNewswire – December 29, 2021 – Glen EagleResources Inc. (the “ Corporation ”)(TSXV:GER) is pleased to announce that it hasclosed its previously announced private placement (the" Offering ") pursuant to which it has issued an aggregate of5,142,855 units (" Units ") of the Corporation at a price of$0.07 per Unit to raise aggregate gross proceeds of$360,000 (the “ Offering ”).
Each Unit of the Offering is comprised of one commonshare of the Corporation (each a “ Share ”) and oneShare purchase warrant (each a “ Warrant ”),entitling the holder to acquire one additional Share in the capital ofthe Corporation at a price of $0.085 per Warrant until December 29,2023.
The Corporation intends to use the net proceeds of theOffering for working capital and general corporate purposes.
The securities issued and issuable in connection withthe closing of the Offering are subject to a statutory hold periodexpiring on April 30, 2022. The Offering and related matters remainsubject to the final approval of the TSX Venture Exchange(“ TSXV ”).
Shares for Debt
Following receipt of final acceptance from the TSXV,t he Corporation is also pleased to announce thatit has completed its previously announced shares for debt transactionto settle an aggregate of $250,000 (the "Debt Settlement").The Corporation confirms that a total of 3,056,066 Shares were issuedat a deemed price of $0.0821, and not 4,056,066 as indicated in theinitial press release.
ABOUT GLEN EAGLE RESOURCESINC.
Glen Eagle Resources Inc. is a small producer and an exploration company of precious metalsin Canada and the central America area.
For more information, pleasecontact:
Jean Labrecque
President
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.
Forward Looking Statements - Certaininformation set forth in this news release may contain forward-lookingstatements that involve substantial known and unknown risks anduncertainties, including with respect to the receipt of final approvalof the Offering by the TSXV. These forward-looking statements aresubject to numerous risks and uncertainties, certain of which arebeyond the control of the Corporation, including the timing and natureof all regulatory approvals. Readers are cautioned that theassumptions used in the preparation of such information, althoughconsidered reasonable at the time of preparation, may prove to beimprecise and, as such, undue reliance should not be placed onforward-looking statements.
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