(TheNewswire)
Glen Eagle Resources Inc. - TheNewswire - Montreal, Quebec, February 15, 2021; TSX VENTURE: GER) (“Glen Eagle” or the “Company”) announces that Gem Yield Bahamas Limited, an investment fund incorporated in the Bahamas with domiciled in Nassau and Gem Global Yield LLC SCS, an alternative investment private equity firm domiciled in the Grand Duchy of Luxembourg served notice of arbitration and claim on the Company for failure to issue warrants as provided in the ELOC agreement.
The Company announced in a news release dated March 25, 2020 that it had concluded a $25 million equity line of credit subject to the TSX Venture approval. On July 28, 2020, the Company announced that the TSX had recently reviewed the terms of the ELOC agreement and came to the conclusion that the transaction could not take place under its current form and that the warrants provided therein cannot be issued.
Based on the premises stated above and the fact that the Company is obligated and governed by the TSX compliance set of rules, the notice of arbitration and claim are considered ill founded and without merit according to the Company’s lawyers.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
J ean Labrecque, President
Glen Eagle Resources Inc
2075 Victoria Street
Suite 201
St-Lambert, Québec
J4S- 1H1
514-808-9807
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