GGL Resources Corp.: Closing of the Non Flow-Through Private Placement
May 16 2013 - 3:27PM
Marketwired Canada
NOT FOR DISSEMINATION IN THE UNITED STATES
Mr. Raymond A. Hrkac, President and CEO of GGL Resources Corp. (TSX VENTURE:GGL)
("GGL") announces that GGL has closed its non-brokered private placement of
non-flow-through units originally announced on March 7, 2013.
7,550,000 units at $0.02 per unit were placed for gross proceeds of $151,000.
Each unit consists of one common non flow-through share and one non-transferable
non-flow through warrant. Each warrant will entitle the holder to purchase one
non flow-through common share up to May 8, 2018 at $0.05 per share during the
first year and at $0.10 per share during years two to five, according to the
requirements of the TSXV's Temporary Relief Measures dated April 12, 2013. The
securities for this closing have a hold period until September 9, 2013. The
Board of Directors approved the private placement with those participating
abstaining from voting relative to their subscription. Messrs. Graham Eacott and
William Meyer, directors of the Company participated in the financing along with
associates of Mr. Ray Hrkac, the President and Mr. Nick DeMare, Secretary.
If GGL's common shares trade on the TSX Venture Exchange at a closing price
greater than $0.40 per share for twenty consecutive trading days at any time
after four months and one day from the closing date, GGL may accelerate the
expiry of the warrants by giving notice to the holders thereof, and in such case
the warrants will expire on the 30th day after the date on which such notice is
given.
The proceeds of the private placement will be used over the next four month
period to prepare for and conduct the forthcoming Annual General and Special
Meeting of the Company, estimated to be as follows:
1) audit and legal fees $35,000
2) mailing, printing of material 15,000
3) TSXV annual sustaining fee 5,000
4) rent 10,000
5) insurance 5,000
6) transfer agent 1,000
7) office and accounting staff 20,000
_______
$91,000
The balance of the funds $60,000 will be used to pay for land surveys required
to take certain claims to lease as required under the Northwest Territories
Mining Regulations, to make lease payments to the Receiver General of Canada
(Northwest Territories Government) and to hold certain mineral claims in good
standing.
None of the proceeds will be used to pay Related Parties.
About GGL
GGL is a diversified mineral exploration company. GGL holds mineral claims and
leases in the Northwest Territories of Canada ("NT") prospective for gold,
silver, nickel, base metals and diamonds; and a JV in the Doyle Diamond Project
where De Beers Canada Inc. has a 60% interest and GGL a 40% carried interest. In
British Columbia, Canada, GGL owns a 100% interest in the McConnell Creek gold
and copper-gold Property.
GGL RESOURCES CORP.
Raymond A. Hrkac, President & CEO
For further information, email: info@gglresourcescorp.com or visit our web site
at www.gglresourcescorp.com.
Forward-Looking Information: This news release contains "forward-looking
statements" and the cautions regarding such statements apply.
This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have not
been and will not be registered in the United States Securities Act of 1933, as
amended (the "US Securities Act") or any state securities laws and may not be
offered or sold within the United States or to US Persons unless registered
under the US Securities Act and applicable securities laws or an exemption from
such registration is available.
FOR FURTHER INFORMATION PLEASE CONTACT:
GGL Resources Corp.
604.688.0546 or Toll Free: 1.866.688.0546
604.608.9887 (FAX)
info@gglresourcescorp.com
www.gglresourcescorp.com
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