GGL Resources Corp. Announces Private Placement and Board and Management Changes
Rhea-AI Summary
GGL Resources Corp. (TSXV:GGL) has announced a non-brokered private placement offering to raise up to $200,000 through the sale of 4,000,000 common shares at $0.05 per share. The proceeds will fund exploration activities at the McConnell Copper-Gold Project in BC and the Gold Point Project in Nevada, along with working capital needs.
The company also announced significant management changes, with Doug Eaton stepping down as CEO and Director. Matthew Turner, a current Director, has been appointed as Interim CEO and granted 150,000 stock options at $0.05 per share, vesting quarterly until January 29, 2030.
The private placement securities will have a four-month plus one-day hold period, and the offering is subject to TSX Venture Exchange approval. Insiders may participate, and finder's fees may apply according to exchange policies.
Positive
- Secured potential funding of $200,000 through private placement
- Planned exploration activities at two key projects (McConnell and Gold Point)
- Recent successful option agreement with Teck American for Le Champ Porphyry target
Negative
- CEO resignation indicates leadership instability
- Low share price of $0.05 suggests challenging market conditions
- Dilutive effect of new share issuance on existing shareholders
News Market Reaction 1 Alert
On the day this news was published, GGLXF declined 63.03%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
VANCOUVER, BC / ACCESS Newswire / January 29, 2025 / GGL Resources Corp. (TSXV:GGL) ("GGL" or the "Company") announces a non-brokered private placement offering (the "Offering") to consist of the sale of up to 4,000,000 common shares at a price of
Insiders may participate in the private placement and finders' fees or brokers' commissions may be paid in accordance with TSX Venture Exchange policies.
All securities issued as part of the Offering will be subject to a hold period in Canada of four months plus one day from closing. The proceeds from the Offering, which is subject to TSX Venture Exchange acceptance, will be used for exploration and development activities at the Company's McConnell Copper-Gold Project in the Kemess District of northern BC and the Gold Point Project in the Walker Lane Trend of western Nevada and for general working capital purposes.
Board and Management Changes
GGL announces the resignation of Doug Eaton as CEO and Director. Matthew Turner, a Director of GGL, will succeed Mr. Eaton as CEO on an interim basis.
"On behalf of the GGL Board and Shareholders, I want to sincerely thank Doug for his work over the past eight years as CEO of GGL and wish him the best in his future endeavors," stated Matthew Turner, GGL's Interim CEO. "Doug was instrumental in steering the Company from a chiefly diamond focused portfolio to a more diverse suite of precious and base metal projects, including GGL's evaluation of underexplored areas of Nevada, culminating in the recent staking and subsequent option of the Le Champ Porphyry target to Teck American Incorporated."
GGL has granted Matthew Turner incentive stock options entitling him to purchase up to a total of 150,000 common shares at a price of
About GGL Resources Corp.
GGL is a seasoned, Canadian-based junior exploration company, focused on the exploration and advancement of under evaluated mineral assets in politically stable, mining friendly jurisdictions. The Company has optioned and wholly owned claims in the Gold Point district of the prolific Walker Lane Trend, Nevada. The Gold Point claims cover several gold-silver veins, five of which host past producing high-grade mines, as well as an exciting new porphyry target which is currently under option to Teck American Incorporated. The Company also owns the McConnell Project, which hosts epithermal gold veins and an under explored porphyry copper-gold prospect in the Kemess District of north-central British Colombia. GGL also holds diamond royalties on mineral leases adjacent to the Gahcho Kué diamond mine in the Northwest Territories.
ON BEHALF OF THE BOARD
"Matthew Turner"
Matthew Turner
Director and Interim CEO
For further information concerning GGL Resources Corp. or its various exploration projects please visit our website at www.gglresourcescorp.com or contact:
Investor Inquiries | Corporate Information |
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This news release does not constitute an offer of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
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.
Information contained in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "evaluate", "potential", "likely", "possible", "consistent", "suggest", "delineate", and similar expressions, or that events or conditions "may", "could" or "will" occur. GGL cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the control of GGL. Such factors include, among other things: risks and uncertainties relating to exploration and development and the results thereof, including the results of the recently completed drill program, the impact on future mineral resource estimates, the potential for new discoveries, and the results of future metallurgical programs, as well as the ability of GGL to obtain additional financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of commodities, operating hazards and risks, competition and other risks and uncertainties, including those described in GGL's financial statements available under the GGL profile at www.sedarplus.ca. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, GGL undertakes no obligation to publicly update or revise forward-looking information.
SOURCE: GGL Resources Corp.
View the original press release on ACCESS Newswire
FAQ
What is the size and price of GGL Resources' (GGLXF) January 2024 private placement?
How will GGL Resources (GGLXF) use the proceeds from its private placement?
Who replaced Doug Eaton as CEO of GGL Resources (GGLXF)?
What stock options were granted to GGL Resources' (GGLXF) new Interim CEO?
What is the hold period for GGL Resources' (GGLXF) private placement securities?
