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 $300,000 through the sale of 6,000,000 common shares at $0.05 per share. The securities are subject to a hold period until December 15, 2024. Proceeds will fund exploration and development at GGL's Gold Point Project in Nevada's Walker Lane Trend and provide working capital. Notably, insiders purchased 5,400,000 shares, constituting a related party transaction. GGL relied on exemptions from formal valuation and minority shareholder approval requirements, as insider participation did not exceed 25% of the company's market capitalization.

Positive

• Successful closure of private placement raising $300,000
• Funds allocated for exploration and development of Gold Point Project
• Strong insider participation with 5,400,000 shares purchased

Negative

• Potential dilution of existing shareholders due to issuance of 6,000,000 new shares

VANCOUVER, BC / ACCESSWIRE / August 15, 2024 / GGL Resources Corp. (TSXV:GGL) ("GGL") announces that it has closed its previously announced non-brokered private placement for total proceeds of $300,000 (see GGL's July 17, 2024 news release). The private placement consisted of the sale of 6,000,000 common shares at a price of $0.05 per share.

All of the securities issued pursuant to the private placement are subject to a hold period in Canada until December 15, 2024. The proceeds from the private placement will be used for exploration and development activities at GGL's Gold Point Project in the Walker Lane Trend of western Nevada and for general working capital purposes.

Insiders of GGL purchased a total of 5,400,000 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 25% of GGL's market capitalization.

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, four of which host past producing high-grade mines, and an exciting new porphyry discovery. GGL 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 Columbia. GGL also holds diamond royalties on mineral leases adjacent to the Gahcho Kué diamond mine in the Northwest Territories.

ON BEHALF OF THE BOARD

"W. Douglas Eaton"

W. Douglas Eaton
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 rdrechsler@strategicmetalsltd.com

Corporate Information Linda Knight Corporate Secretary Tel: (604) 688-0546 info@gglresourcescorp.com

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.

This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.

SOURCE: GGL Resources Corp.

View the original press release on accesswire.com

FAQ

How much did GGL Resources Corp. (GGLXF) raise in its recent private placement?

GGL Resources Corp. raised $300,000 through its recent non-brokered private placement.

What is the price per share for GGL Resources Corp.'s (GGLXF) private placement?

The private placement shares were priced at $0.05 per share.

How many shares were issued in GGL Resources Corp.'s (GGLXF) private placement?

GGL Resources Corp. issued 6,000,000 common shares in the private placement.

When does the hold period for GGL Resources Corp.'s (GGLXF) private placement shares end?

The hold period for the private placement shares ends on December 15, 2024.

What will GGL Resources Corp. (GGLXF) use the proceeds from the private placement for?

The proceeds will be used for exploration and development at the Gold Point Project in Nevada and for general working capital purposes.