Glen Eagle Closes $200000 Gold Loan
MONTREAL, QUEBEC--(Marketwired - Aug 19, 2015) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle" or the "Company") is pleased to announce the closing of a non-brokered private placement for net proceeds of $200000. The private placement was engineered as a gold loan free of commission charges.
The loan bears an annual interest rate of 20% with capital and interest being reimbursed in four quarterly payments (cash or gold equivalent) at the discretion of Glen Eagle. The amount of interest paid is reduced proportionally to the outstanding balance left on the loan after each quarterly payment. No other conditions or guarantees are attached to the loan.
The proceeds will be used by the Company to purchase additional equipment for its processing plant in Honduras and for working capital purposes.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.