(TheNewswire)
Glen Eagle Resources Inc. - TheNewswire - Montreal, Quebec,February 15, 2021; TSX VENTURE: GER) (“GlenEagle” or the “Company”) announces that Gem Yield Bahamas Limited, an investment fundincorporated in the Bahamas with domiciled in Nassau and Gem GlobalYield LLC SCS, an alternative investment private equity firm domiciledin the Grand Duchy of Luxembourg served notice of arbitration andclaim on the Company for failure to issue warrants as provided in theELOC agreement.
The Company announced in a news release dated March 25,2020 that it had concluded a $25 million equity line of credit subjectto the TSX Venture approval. On July 28, 2020, the Company announcedthat the TSX had recently reviewed the terms of the ELOC agreement andcame to the conclusion that the transaction could not take place underits current form and that the warrants provided therein cannot beissued.
Based on the premises stated above and the fact thatthe Company is obligated and governed by the TSX compliance set ofrules, the notice of arbitration and claim are considered ill foundedand without merit according to the Company’s lawyers.
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
J ean Labrecque, President
Glen Eagle Resources Inc
2075 Victoria Street
Suite 201
St-Lambert, Québec
J4S- 1H1
514-808-9807
Copyright (c) 2021 TheNewswire - All rights reserved.