Glen Eagle Resources Inc.
TSX VENTURE : GER

Glen Eagle Resources Inc.

October 02, 2015 13:39 ET

Glen Eagle Closes Private Placement

MONTREAL, QUEBEC--(Marketwired - Oct. 2, 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 at a price of $0.05 cents per Unit, each Unit being comprised of one (1) common share and one half (1/2) common share purchase warrant at an exercise price of $0.10 per warrant share valid for a period of 24 months following the Closing Date. The total proceeds of the "Offering" ($150,000) mostly funded by insiders including several Directors of the Company, will be allocated to purchase additional equipment to improve production at the Cobra Oro plant in Honduras and for working capital purposes. An amount of $50,000 will be held in trust until the Personal Information Form (PIF) of one insider has been reviewed and accepted by the TSX Venture Exchange. As a result, 3,000,000 common shares were issued by the Company. A commission of $2,500 was paid to a non arm's length party for his subscription in the private placement.

All securities issued pursuant to the Offering are subject to a hold period ending on February 3, 2016. As a result of the issuance of the securities, the Company has 69,328,108 common shares issued and outstanding.

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.

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