GGL Resources Corp. Announces Private Placement

Rhea-AI Summary

GGL Resources Corp. (TSXV:GGL) has announced a non-brokered private placement offering to raise up to $300,000. The company plans to sell up to 6,000,000 common shares at a price of $0.05 per share. Insiders may participate, and finders' fees or brokers' commissions may be paid in accordance with TSX Venture Exchange policies. The company will rely on exemptions from formal valuation and minority shareholder approval requirements for any insider participation. All securities issued will have a four-month plus one day hold period in Canada from closing. The proceeds will be used for general working capital purposes. The offering is subject to TSX Venture Exchange acceptance.

Positive

• Potential to raise up to $300,000 in additional capital
• Insider participation allowed, potentially demonstrating confidence in the company

Negative

• Potential dilution of existing shareholders due to issuance of new shares
• Low share price of $0.05 may indicate financial challenges or low market valuation

NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES

VANCOUVER, BC / ACCESSWIRE / July 17, 2024 / GGL Resources Corp. (TSXV:GGL) ("GGL") announces a non-brokered private placement offering (the "Offering"), to consist of the sale of up to 6,000,000 common shares at a price of $0.05 per share, to raise gross proceeds of up to $300,000.

Insiders may participate in the private placement and finders' fees or brokers' commissions may be paid in accordance with TSX Venture Exchange policies. Any insider participation in the private placement will constitute 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"). In that regard, GGL will rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101on the basis that the fair market value (as determined under MI 61-101) of related party participation in the private placement will not exceed 25% of GGL's market capitalization.

All securities issued as part of the Offering will be subject to a hold period in Canada of four months plus one day from closing. The proceeds from the Offering, which is subject to TSX Venture Exchange acceptance, will be used for general working capital purposes.

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"

Doug 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

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.

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 factors beyond GGL's control, and actual results may differ materially from expected results.

SOURCE: GGL Resources Corp.

View the original press release on accesswire.com

FAQ

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

GGL Resources Corp is offering shares at $0.05 per share in its private placement.

How many shares is GGL Resources Corp (GGLXF) planning to sell in its private placement?

GGL Resources Corp plans to sell up to 6,000,000 common shares in its private placement offering.

What is the total amount GGL Resources Corp (GGLXF) aims to raise through this private placement?

GGL Resources Corp aims to raise gross proceeds of up to $300,000 through this private placement offering.

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

The proceeds from the private placement will be used for general working capital purposes.