Glen Eagle Resources Secures C$25 Million in Equity Capital Facility
Summary
MONTREAL, March 26, 2020 (GLOBE NEWSWIRE) -- Glen Eagle Resources Inc. (TSX.V: GER) (or "the Company") a Canadian based company, is pleased to announce it has successfully completed $25M in equity capital facility with New York-based GEM Global Yield LLC SCS representing the first major institutional backing for Glen Eagle Resources.Glen Eagle Resources will have three years to utilize the $25M to expand the companys gold production activities and drilling program on the newly acquired concession where a significant gold vein system has been documented by the Ministry of Mines. The Company has also agreed in connection with the agreement to pay 2% commission in cash or shares over a one year period and issue 22 million warrants with an exercise price at $0.14 cents. There is no interest attached to the transaction which remains subject to TSX approval.Global Emerging Markets (GEM) is a $3.4 billion alternative investment group based in Paris, New York and Los Angeles. GEM manages a diverse set of investment vehicles with a mid to long term view towards capital appreciation. GEM Global Yield LLC SCS (www.gemny.com) is not a hedge fund and does not short stocks as the practice is counter to its by-laws.Glen Eagle Resources is a junior mining company currently focused on custom milling at its gold processing plant in Honduras.