Glacier Lake Raises $2 Million IN Private Placement
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.
LEGAL*53047198.2
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.