Glen Eagle Closes $150 000 Convertible Note with Eric Sprott
MONTREAL, Dec. 13, 2018 (GLOBE NEWSWIRE) — Glen Eagle Resources Inc. (TSX VENTURE:GER) (“Glen Eagle” or the “Company”) is pleased to announce that it has closed with Eric Sprott $150,000 dollars Convertible Note bearing 12% per year, with maturity date December 12th, 2021, and that the securities issued pursuant to this private placement is subject to a four-month hold period. The note is convertible in units composed of one common share to be converted at $0.20 and one common share purchase warrant to be exercised at $0.30 for two years after conversion. The proceeds will be used partly to increase maximum daily throughput from 120 tonnes to 200 tonnes by adding two agitating tanks and one thickener at Cobra Oro’s gold processing plant in Honduras.
Mr Sprott is an Insider of the Company with ownership exceeding 10% of all the outstanding shares. MI61-101 exemption applies as the present placement represents less than 25% of market capitalisation. Glen Eagle’s management feels very privileged to have him as a financial supporter of the Company and want to thank him for his patience and understanding of the complexitiers involved in the mining industry.
For the latest information about Glen Eagle, please visit www.gleneagleresources.com
“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.”
Jean Labrecque, President
Glen Eagle Resources Inc
Complexe du Canal Lachine, Suite 308
4710 St-Antoine Street
Tel : 514-808-9807