Mr. Jean Labrecque reports
GLEN EAGLE RESOURCES SECURES C$25 MILLION IN EQUITY CAPITAL FACILITY
Glen Eagle Resources Inc. has successfully completed a $25-million equity capital facility with New York-based GEM Global Yield LLC SCS representing the first major institutional backing for Glen Eagle Resources.
Glen Eagle Resources will have three years to utilize the $25-million to expand the company's gold production activities and drilling program on the newly acquired concession where a significant gold vein system has been documented by the Ministry of Mines. The data will be released along with major findings on the property.
The equity capital facility allows Glen Eagle Resources to draw down on the $25-million, up to 10 times the 15-day volume-weighted average price at the discretion of Glen Eagle's management. The drawdowns are not mandatory, allowing the company to selectively utilize this financing tool when capital is needed. The company has also agreed in connection with the agreement to pay 2-per-cent commission in cash or shares over a one-year period and issue 22 million warrants with an exercise price at 14 cents. There is no interest attached to the transaction which remains subject to Toronto Stock Exchange approval.
About Glen Eagle
Glen Eagle Resources is a junior mining company currently focused on custom milling at its gold processing plant in Honduras.
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