GERFF - Glen Eagle Resources Announces Shares for Debt
(TheNewswire)
Montreal, Quebec, Canada - TheNewswire - December 20, 2021 - Glen Eagle ResourcesInc. (the “ Corporation ”)(TSXV:GER) (OTC:GERFF) ispleased to announce that it agreed to issue 4,045,066 Shares (the" Debt Shares ") on a "shares-for-debt" basis in settlementof debts of $250,000 (the " Debt ") owing to Mr. Eric Sprott and Mr.Denis Lavigueur (the “ Creditors ”). The Debt Shares are beingissued at a deemed price of $0.0821 per share, in accordance withthe policies of the TSX Venture Exchange (the " TSX-V ").
The issuance of the Debt Shares to the Creditors willconstitute a "related party transaction" within the meaningof the TSX-V Policy 5.9 (the " Policy ") andMultilateral Instrument 61-101 - Protection of Minority SecurityHolders in Special Transactions (" MI 61-101 ")adopted in the Policy. The Company intends to rely on the exemptionsfrom the formal valuation and minority shareholder approvalrequirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a)of MI 61-101 as neither the fair market value (as determined under MI61-101) of the Debt Shares, nor the Debt, exceeds 25% of the Company'smarket capitalization (as determined under MI 61-101).
The issuance of the Debt Shares is subject to theapproval of the TSX-V. Any Debt Shares issued will be subject to a hold period whichwill expire on the date that is four months and one day from the dateof issue.
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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