Private Placement Update

2020-08-14 / @thenewswire

(TheNewswire)

Montreal, Quebec – TheNewswire – August 14, 2020 - Glen Eagle Resources Inc. (TSXV:GER) (OTC:GERFF) (“Glen Eagle” or the “Company”) announces the reservation of a private placement price by proceeding with an extension period of the non-brokered private placement for a maximum of $500,000 priced at $0.08 cents. In reference to the July 21st press release, each unit is comprised of one common share and one common share purchase warrant exercisable at $0.12 for a period of 24 months. The final closing of the private placement is expected in the coming weeks. The Company is also closing, at arms-length, a separate placement of $100,000 using a convertible debenture with a long time investor. The debenture will mature on July 18, 2023 and will bear 12% interest with a minimum conversion price of $0.12. The Company could issue 833,333 common shares assuming full conversion of the note and is waiting for TSX approval on the matter.

Jean Labrecque, President

Glen Eagle Resources Inc

Complexe du Canal Lachine, Suite 308

4710 St-Antoine Street

Tel : 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.” Values in the news release are quoted in canadian dollars.