Glen Eagle Resources Inc.

Glen Eagle Resources Inc.

December 23, 2013 16:27 ET

Glen Eagle Resources Inc. Closes a Private Placement of $600,000

MONTREAL, QUEBEC--(Marketwired - Dec. 23, 2013) -


Glen Eagle Resources Inc. (TSX VENTURE:GER) (the "Company") is pleased to announce that it has held a closing of a non brokered private placement. The Company has issued an aggregate of 2,000,000 "flow-through" shares at a price of $0.20 per share, and an aggregate of 1,111,111 common shares at a price of $0.18 per share, for total gross proceeds of $600,000 (the "Offering").

No warrants or broker warrants were issued. In consideration for their services, Secutor Capital Management Corp. received a finder's fee equal to 7% of the gross proceeds of the Offering.

All securities issued pursuant to the Offering are subject to a hold period ending on April 24, 2014.

As a result of the issuance of the securities, the Company has 49,735,822 common shares issued and outstanding.

The Company has done its best effort under difficult circumstances in the market place to reduce to a minimum shareholder's dilution while providing basic funding for exploration to keep its Quebec properties in good standing.

In addition, the Company intends to proceed with additional financings in early 2014, other than through the issuance of shares.

Forward-looking statements

Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of the Company and carry known and unknown risks, uncertainties and other factors that may appreciably affect their results, economic performance or accomplishments when considered in light of the content or implications o statements made by the Company. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. The Company does not intend and undertakes no obligation to update these forward-looking statements.

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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