GGL Resources Corp. Closes Private Placement
Rhea-AI Summary
GGL Resources Corp. (TSXV:GGL) has successfully closed its previously announced non-brokered private placement, raising total proceeds of $200,000 through the sale of 4,000,000 common shares at $0.05 per share. Company insiders purchased 3,200,000 shares of the total offering.
The securities issued are subject to a hold period in Canada until June 25, 2025. The funds will be allocated to exploration and development activities at the McConnell Copper-Gold Project in British Columbia's Kemess District and the Gold Point Project in Nevada's Walker Lane Trend, as well as for general working capital.
The insider participation constituted a related party transaction under TSX-V Policy 5.9 and MI 61-101, with GGL utilizing exemptions from formal valuation and minority shareholder approval requirements as insider participation did not exceed 25% of market capitalization.
Positive
- Secured $200,000 in new funding for exploration and development
- Strong insider participation with 80% of shares purchased by company insiders
Negative
- Low share price of $0.05 indicates potential market weakness
- Significant insider buying could signal external investor interest
NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
VANCOUVER, BC / ACCESS Newswire / February 24, 2025 / GGL Resources Corp. (TSXV:GGL) ("GGL") announces that it has closed its previously announced non-brokered private placement for total proceeds of
All of the securities issued pursuant to the private placement are subject to a hold period in Canada until June 25, 2025. The proceeds from the private placement will be used for exploration and development activities at GGL's McConnell Copper-Gold Project in the Kemess District of northern British Columbia and the Gold Point Project in the Walker Lane Trend of western Nevada and for general working capital purposes.
Insiders of GGL purchased a total of 3,200,000 common shares in the private placement. The participation of these insiders constituted a related party transaction within the meaning of TSX-V Policy 5.9 and Multilateral Instrument 61-101 - "Protection of Minority Security Holders in Special Transactions" ("MI 61-101"). GGL has relied on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the fair market value (as determined under MI 61-101) of insider participation in the private placement did not exceed
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. GGL 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. GGL also owns the McConnell Project, which hosts mesothermal gold veins and an under explored porphyry copper-gold prospect in the Kemess District of north-central British Columbia. GGL also holds diamond royalties on mineral leases adjacent to the Gahcho Kué diamond mine and southwest of the Ekati diamond mine in the Northwest Territories.
ON BEHALF OF THE BOARD
"Matthew Turner"
Matthew Turner
Interim CEO and Director
For further information concerning GGL Resources Corp. or its various exploration projects please visit GGL's website at www.gglresourcescorp.com or contact:
Investor Inquiries Richard Drechsler Corporate Communications Tel: (604) 687-2522 NA Toll-Free: (888) 688-2522 |
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
How much did GGL Resources Corp. (TSXV:GGL) raise in its recent private placement?
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