Mr. Jean Labrecque reports
UPDATE ON THE $25 MILLION EQUITY LINE OF CREDIT
Glen Eagle Resources Inc. announced in a news release dated March 25, 2020, that it had concluded a $25-million equity line of credit (ELOC), subject to Toronto Stock Exchange approval.
The TSX has recently reviewed the terms of the ELOC and came to the conclusion that the transaction cannot take place under its current form.
Two major issues were raised and considered unacceptable from a compliance point of view under TSX set of rules. One was the issuance of upfront warrants and the second was related to the commission payment.
The company tried to renegotiate the terms with the issuer but could not come to an agreement on the necessary changes to meet the TSX compliance requirements. The company announces therefore that it can not move forward with the transaction based on the content of this news release.
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