Glorious Creation Limited Announces Private Placement of Units and Share Consolidation
Suite 405 – 1328 West Pender Street Vancouver, BC V6E 4T1
NEWS RELEASE
Glorious Creation Limited Announces Private Placement of Units and Share Consolidation
Vancouver, BC, Canada, June 3, 2020 – Glorious Creation Limited (CSE: GCIT) (the “Company”) announces its intention to undertake the following:
1. the consolidation of its current issued and outstanding common shares on the basis of one new postconsolidated share for every 14 outstanding shares; and
2. a private placement to raise up to $2,000,000 through the sale of up to 36,363,636 units at $0.055 per unit. Each unit will be comprised of one post-consolidated common share and one share purchase warrant entitling the holder to acquire one post-consolidated common share at a price of $0.07 per postconsolidated share for a period of 48 months.
Proceeds of the placement will be used to pay outstanding liabilities, and for general working capital purposes. The private placement is subject to approval of the Canadian Securities Exchange, and if required, by the shareholders of the Company.
This press release is not an offer of the securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the United States Securities Act and applicable U.S. state securities laws. The Company will not make any public offering of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
On behalf of the board of directors
“Norm Yurik”
Norm Yurik, Director and CEO
For further information please contact:
Andrea Yuan, CFO Tel: 778-889-4966 Email: [email protected]
The Canadian Securities Exchange has not reviewed, nor approved the contents of this news release.
Forward Looking Statements: All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward- looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.