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Enter Symbol
or Name
USA
CA



Glacier Lake Resources Inc (4)
Symbol GLI
Shares Issued 21,652,554
Close 2023-09-20 C$ 0.05
Market Cap C$ 1,082,628
Recent Sedar+ Documents

Glacier Lake enters option to buy 70% Zimbabwe tenures

2023-09-20 18:50 ET - News Release

Subject: Glacier Lake Resources Inc. - News Release Word Document File: '\\swfile\EmailIn\20230920 153546 Attachment Glacier Lake Resources Inc. - News Release (Property Option - September 2023).docx' GLACIER LAKE OPTIONS CLAIMS IN MUTOKO BELT Vancouver, British Columbia - September 20, 2023 - Glacier Lake Resources Inc. (TSXV: GLI) (the "Company") is pleased to announce that its' wholly-owned subsidiary, Glacier Lake Resources BVI Ltd. ("Subco"), has entered into a property option and joint venture agreement (the "Option Agreement") with Milmath Mining Company (the "Vendor"), an arms-length party. Pursuant to the terms of the Option Agreement, Subco will be granted an option (the "Option") to acquire up to a seventy percent interest in and to a series of mineral tenures (the "Property") total approximately 1,200 hectares located in the Mutoko Belt in Zimbabwe. The Option is exercisable by Subco arranging for the payment of $50,000 and the issuance of one million common shares of the Company to the Vendor, upon receipt of the approval of the TSX Venture Exchange, and incurring exploration expenditures of no less than $1,000,000 prior to December 31, 2026. Subco will also be responsible for all ongoing renewal, maintenance and inspection fees for the Property prior to the exercise of the Option. Upon exercise of the Option, Subco will hold a seventy percent interest in the Property and will form a joint venture with the Vendor for the further development of the Property. Completion of the grant of the Option, and the issuance of the Consideration Shares, remains subject to the approval of the TSX Venture Exchange. The Company is at arms-length from the Vendor, and no finders' fees or commissions are payable in connection with the grant of the Option. In addition to restrictions on resale imposed by applicable securities laws, the Consideration Shares will be subject to an additional escrow arrangement (the "Escrow") for a period of thirty-six months following issuance. Ten percent of the Consideration Shares will be released from the Escrow upon the grant of the Option, with a further fifteen percent every six months thereafter. For additional information please feel free to contact: Gordon Friesen, Director Glacier Lake Resources Inc. Tel: 604-889-1241 Email: gordf88@yahoo.ca The TSX Venture Exchange has in no way passed upon the merits of the Option and has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward Looking Information Information set forth in this document may include forward-looking statements. While these statements reflect management's current plans, projections and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of the Company. 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 these forward-looking statements. There is no assurance the transactions noted above will be completed on the terms as contemplated, or at all. The Company's actual results, programs, activities and financial position could differ materially from those expressed in or implied by these forward-looking statements.

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