Proceeds slated for Lac Lisette phosphate property exploration program
By Devika Patel
Knoxville, Tenn., March 30 - Glen Eagle Resources Inc. said it will raise C$1.1 million in a private placement of units through agent Windermere Capital (Canada) Inc.
The company will sell 5.5 million units at C$0.20 apiece on a best-efforts basis. Each unit consists of one common share and one warrant, with each two-year warrant exercisable at C$0.35. The strike price is a 40% premium to C$0.25, the March 29 closing share price.
Settlement is expected April 30.
Proceeds will be used for an exploration program on the Lac Lisette phosphate property, to further the Autier Lithium project and for general working capital.
Glen Eagle, based in Montreal, is a gold, diamond and silver exploration company.
| Issuer: | Glen Eagle Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.1 million
|
| Units: | 5.5 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
| Agent: | Windermere Capital (Canada) Inc.
|
| Pricing date: | March 30
|
| Settlement date: | April 30
|
| Stock symbol: | TSX Venture: GER
|
| Stock price: | C$0.27 at close March 30
|
| Market capitalization: | C$7.25 million
|
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