(TheNewswire)
Montreal, Quebec, Canada - TheNewswire - December 20, 2021 - Glen Eagle Resources Inc. (the “Corporation”) (TSXV:GER) (OTC:GERFF) is pleased to announce that it agreed to issue 4,045,066 Shares (the "Debt Shares") on a "shares-for-debt" basis in settlement of debts of $250,000 (the "Debt") owing to Mr. Eric Sprott and Mr. Denis Lavigueur (the “Creditors”). The Debt Shares are being issued at a deemed price of $0.0821 per share, in accordance with the policies of the TSX Venture Exchange (the "TSX-V").
The issuance of the Debt Shares to the Creditors will constitute a "related party transaction" within the meaning of the TSX-V Policy 5.9 (the "Policy") and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") adopted in the Policy. The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the Debt Shares, nor the Debt, exceeds 25% of the Company's market capitalization (as determined under MI 61-101).
The issuance of the Debt Shares is subject to the approval of the TSX-V. Any Debt Shares issued will be subject to a hold period which will expire on the date that is four months and one day from the date of issue.
ABOUT GLEN EAGLE RESOURCES INC.
Glen Eagle Resources Inc. is a small producer and an exploration company of precious metals in Canada and the central America area.
For more information, please contact:
Jean Labrecque
President
1-514-808-9807
Neither 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.
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including with respect to the receipt of final approval of the Offering by the TSXV. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Corporation, including the timing and nature of all regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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