Glen Eagle Resources: Corporate Update
MONTREAL, QUEBEC--(Marketwired - Sep 26, 2017) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle" or the "Company") is pleased to report that Cobra Oro, the wholly owned Honduran subsidiary of Glen Eagle, will generate approximately $CDN 270,000 in cash flow for the quarter ending September 30, 2017 after All-In Sustaining Cost ("AISC").
On September 22, 2017, the Company received on site delivery of several major pieces of production equipment that will allow a substantial increase in production capacity when the second ball mill and three additional leaching tanks become operational. The upgrade is already in progress as part of the final expansion phase.
The Company is also pleased to report that Insiders continue to increase their shareholdings as an additional 494,000 shares have been purchased on the open market at an average price of $0.22 in recent weeks.
The Company has also received proceeds of $97,500 from the exercise of 1,950,000 half warrants (1/2 warrant) that were due on October 2, 2017 at an exercise price of $0.10 per common shares. This brings the issued capital to 79,668,108.
The Company also announced on June 15, 2017 that the issuance of an extraordinary dividend was proposed at its Annual General Meeting and that discussion of same to take place at the next Board Meeting, which will be held on September 27, 2017.
"Neither 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." Values in the news release are quoted in canadian dollars.