18 Mar 2016 11:08 ET
Marketwire Canada Eric Sprott ("Sprott") announces that on December 23, 2015, he acquired (the "Acquisition") ownership and control over 2,000,000 units ("Acquired Units") of Glen Eagle Resources Inc. (the "Corporation") at a purchase price of $0.05 per unit, each unit being comprised of one common share ("Share") and one-half common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant is exercisable for a Share (a "Warrant Share") for a period of up to two years at an exercise price of $0.10 per Warrant Share. The Acquired Units represent approximately 4.1% of the currently issued and outstanding Shares on a partially diluted basis. As of the date hereof, after giving effect to the Acquisition, Sprott beneficially owns, or exercises control or direction over: (i) 6,318,182 Shares; and (ii) 3,159,091 common share purchase warrants of the Corporation. Based on the foregoing, Sprott beneficially owns, or exercises control or direction over approximately 8.8% of the currently issued and outstanding Shares on a non-diluted basis, and approximately 12.6% on a partially-diluted basis. The Acquired Units were purchased from the Corporation on a private placement basis. The Acquired Units were acquired for investment purposes. Sprott has a long-term view of the investment and Sprott and any joint actors may acquire additional Shares either on the open market or through private acquisitions or sell the Shares either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Corporation is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Corporation's documents on the System for Electronic Document Analysis and Retrieval and may also be obtained by contacting Sprott at (416) 362-7172. FOR FURTHER INFORMATION PLEASE CONTACT: Eric Sprott 200 Bay Street, Suite 2700 Royal Bank Plaza South Tower Toronto, Ontario M5J 2J1 SOURCE: Eric Sprott © 2016 Marketwire L.P. All rights reserved. |