GGL Resources Corp. Announces Private Placement and Amendment of Option Terms at Gold Point Project, Nevada

About this update from Ggl Resources Corp.

[{"type":"text","content":"GGL Resources Corp. Announces Private Placement and Amendment of Option Terms at Gold Point Project, NevadaVANCOUVER, BC / ACCESSWIRE / July 27, 2023 / GGL Resources Corp. (TSXV:GGL) (\"GGL\" or the \"Company\") announces a non-brokered private placement offering (the \"Offering\") to consist of the sale of up to 18,000,000 common shares at a price of $0.05 per share, to raise gross proceeds of up to $900,000.Insiders may participate in the private placement and finders' fees or brokers' commissions may be paid in accordance with TSX Venture Exchange policies.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 exploration and development activities on the Company's Nevada based properties and for general working capital purposes.The Company also announces that it has successfully negotiated amended terms for the agreement concerning the LBD claims, the only portion of the Gold Point Project that is still subject to earn-in. Under the original terms, GGL would have been required to make a $500,000 US cash payment to the optionor on or before July 31, 2024, to complete earn-in on these claims. The amendment extends the option period by 3 years so that the total of $500,000 US can be paid incrementally with $100,000 due on or before July 31, 2024, another $100,000 on or before July 31, 2025, another $100,000 on or before July 31, 2026, and the final $200,000 on or before July 31, 2027.\"Renegotiating the option terms for the LBD claims is important because it will allow GGL more time to explore and develop mineralization on two of the four past-producing mines at the Gold Point Project\", states Doug Eaton, CEO of GGL. \"Underground exploration and drilling from surface have produced encouraging results within and along strike of the Orleans and Great Western mines, and under the renegotiated terms this work is planned to continue. The Company feels the Gold Point Project has exceptional potential and plans to continue exploration along the extensive system of gold-rich veins and at the newly discovered Le Champ porphyry target.\" About GGL Resources Corp.GGL is a seasoned, Canadian-based junior exploration company, focused on the exploration and advance...

More updates from Ggl Resources Corp.