Glen Eagles Resources Announces Private Placement and Grant of Options
Montreal, August 31, 2021 - Glen Eagle Resources Inc. (the "Corporation") (TSXV:GER) (OTC:GERFF) is pleased to announce that it will raise up to $1,000,000 by way of a non-brokered private placement of units (the "Units") of the Corporation at a price of $0.07 per Unit (the "Offering"). Each Unit of the Offering is comprised of one common share of the Corporation (each a "Share") and one share purchase warrant (each a "Warrant"). Each Warrant will entitle the holder to acquire one additional Share in the capital of the Corporation at a price of $0.08 per Warrant for a period of 24 months from the date the Units are issued.
The Corporation intends to use the net proceeds of the Offering for the plant operations, for working capital and general corporate purposes. The closing of the Private Placement is subject to certain conditions including, without limitation, approval of the TSX Venture Exchange.
The offered securities will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons, except in certain transactions exempt from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities of the Corporation in the United States.
Grant of Options
The Corporation is also pleased to announce that it has granted a total of 4,535,000 incentive stock options to directors, officers and consultants under the stock option plan (the "Plan") of the Corporation. The Options, subject to the terms of the Plan and the corresponding option agreement, are exercisable at a price of CAD $0.10 per share for a period of up to 5 years expiring on August 30, 2026.
ABOUT GLEN EAGLE RESOURCES INC.
Glen Eagle Resources Inc. is a small producer and an exploration company of precious metals in Canada and the central America area.
For more information, please contact:
Jean Labrecque
President
1-514-808-9807
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.
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