Business
GGL Resources Corp. Announces Closing of Private Placements and the Filing of an Early Warning Report
VANCOUVER, BC / ACCESSWIRE / May 30, 2019 / GGL Resources Corp. (TSX-V: GGL) ("GGL" or the "...
About this update from Ggl Resources Corp.
[{"type":"text","content":"GGL Resources Corp. Announces Closing of Private Placements and the Filing of an Early Warning ReportVANCOUVER, BC / ACCESSWIRE / May 30, 2019 / GGL Resources Corp. (TSX-V: GGL) (\"GGL\" or the \"Company\") announces the following:1. Closing of Private PlacementsGGL has closed the private placements originally announced on April 16, 2019. The private placements consisted of the sale of the following securities:(a) 4,137,500 units at a price of $0.08 per unit, for aggregate subscription proceeds of $331,000, each unit consisting of one common share and one non-transferable share purchase warrant; and(b) 550,000 flow-through units at a price of $0.10 per flow-through unit, for aggregate subscription proceeds of $55,000, each flow-through unit consisting of one flow-through share and one non-transferable share purchase warrant.Each warrant from the sale of both the units and the flow-through units will entitle the holders to purchase one additional non-flow-through common shares at a price of $0.15 until May 28, 2022, provided that, in the event the volume weighted average trading price of GGL's common shares as traded on the TSX Venture Exchange is equal to or greater than $0.25 for a period of ten consecutive trading days subsequent to the expiry of the applicable hold period, GGL may give a notice of an earlier expiry of the warrants, in which case they would expire 30 calendar days from the giving of such notice.All securities issued pursuant to the private placements, including any shares that may be issued pursuant to the exercise of the share purchase warrants, are subject to a hold period in Canada until September 29, 2019.2. Filing of Early Warning ReportGGL also announces that ECEE Money Limited (\"ECEE\"), a private company controlled by W. Douglas Eaton, the Chief Executive Officer and a Director of GGL, acquired 1,875,000 units (the \"Acquired Units\") pursuant to the unit private placement disclosed above. Prior to ECEE's acquisition of the Acquired Units, it held 1,617,000 common shares of GGL, representing approximately 7.32% of GGL's then issued and outstanding common shares. As a result of the acquisition of the Acquired Units, ECEE now holds 3,492,000 common shares and 1,875,000 share purchase warrants of GGL, representing approximately 13.03% of GGL's currently issued and outstanding common shares and 40.00% of ...