Jean Labrecque reports
GLEN EAGLE RESOURCES CLOSES PRIVATE PLACEMENT
Glen Eagle Resources Inc. is currently proceeding with a non-brokered private placement for a maximum of $500,000 priced at eight cents. Each unit comprises one common share and one common share purchase warrant exercisable at 12 cents for a period of 24 months. Today, the company made a first closing for $100,000 of its private placement and issued 1.25 million shares and 1.25 million warrants. The final closing of the private placement is expected to occur on or before Aug. 3,
The company also signed, at arm's length, a debenture agreement of $100,000 with a long-time investor and is waiting for Toronto Stock Exchange approval on the matter.
Most of the proceeds will be used for exploration work by its subsidiary Cobra Oro de Honduras, as previously discussed in the May 12, 2020, press release. Therefore, the company expects to release several drilling data in the coming weeks based on its own laboratory analysis.
The private placement is subject to regulatory approval in accordance with applicable securities legislation. The securities issued in connection with the private placement will be subject to a four-month hold period following the closing of the offering. Finders' fees may also be applicable.
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