MONTREAL - TheNewswire - July 21, 2020 - Glen Eagle Resources Inc. (TSXV:GER) (OTC:GERFF) (or "the Company") announces that it is currently proceeding with a non-brokered private placement for a maximum of $500,000 priced at $0.08 cents. Each unit is comprised of one common share and one common share purchase warrant exercisable at $0.12 for a period of 24 months. Today, the Company announces a first closing for $100,000 of its private placement and the issuance of 1,250,000 shares and 1,250,000 warrants. The final closing of the private placement is expected to occur on or before August 3 rd 2020.
The Company also signed at arms-length a debenture agreement of $100,000 with a long time investor and is waiting for TSX 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 th 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. Finder's fees may also be applicable.
Neither 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.
President Glen Eagle Resources Inc
4710 St-Antoine Street, Suite 308
Tel : 514-808-9807
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