MONTREAL, QUEBEC--(Marketwired - Nov. 5, 2014) - 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 3,571,428 "flow-through" shares at a price of $0.14 per share, for total gross proceeds of $500,000 (the "Offering").
In consideration for their services, Secutor Capital Management Corp. received a finder's fee equal to 8% of the gross proceeds of the Offering and 8% of shares issued in broker warrants which will entitle the holder to purchase one common share at a price of $0.15 for a period 24 months.
In another Transaction, the Company has sold its 25% interest and 2% NSR that it holds in the Souart property in Quebec for net proceeds of $150,000.
The Company is privileged to raise funding in these exceedingly difficult times and be allowed to advance its exploration projects in Quebec. Exploration work has already commenced in late October at the Authier Litium and Moose Lake phosphate properties.
All securities issued pursuant to the Offering are subject to a hold period ending on March 6, 2015. As a result of the issuance of the securities, the Company has 53,307,250 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.