Glacier Lake Raises $2 Million in Private Placement
Vancouver, British Columbia – May 6, 2021 – Glacier Lake Resources Inc. (TSXV: GLI) (the “Company”) has closed its previously announced non-brokered private placement (the “Private Placement”). In connection with closing the Company has issued 8,000,000 units (each, a “Unit”) at a price of $0.25 per Unit, for gross proceeds of $2,000,000. Each “Unit” consist of one common share, and one-half-of-one share purchase warrant entitling the holder to acquire an additional common share at a price of $0.35 until May 6, 2024.
The Company intends to use the net proceeds of the Private Placement to undertake further exploration work on its wholly-owned Hackett Property, located in the Sheslay region of Northwestern, British Columbia, to retire existing debts and payables and for general working capital purposes. The Company is also in the process of reviewing mineral projects for potential acquisitions and may use a portion of the proceeds of the Private Placement to fund due diligence costs associated with those projects.
The Private Placement included subscriptions from insiders of the Company for an aggregate of 140,000 Units. This participation by insiders of the Company constitute “related party transactions” within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). For these transactions, the Company has relied on the exemption from the formal valuation requirements contained in Section 5.5(a) of MI 61-101 and has relied on the exemption from the minority shareholder requirements contained in Section 5.7(1)(a) of MI 61-101.
In connection with completion of the Private Placement, the Company paid $7,600 and issued 56,000 Units to eligible parties who assisted in introducing subscribers to the Company. All securities to be issued in connection with the Private Placement are subject to a statutory hold period until September 7, 2021 in accordance with applicable securities laws.
The Company also announces that it has granted 600,000 incentive stock options to certain directors, officers and consultants. The Options vest immediately and are exercisable at a price of $0.27 until May 6, 2026.
For additional information please feel free to contact:
Gordon Friesen, Director
Glacier Lake Resources Inc.
Tel: 604-889-1241 Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
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