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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GGL Resources Corp | TSXV:GGL | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -18.18% | 0.045 | 0.045 | 0.06 | 0.05 | 0.045 | 0.05 | 3,000 | 19:26:55 |
NOT FOR DISSEMINATION IN THE UNITED STATES Raymond A. Hrkac, President and CEO of GGL Resources Corp. (TSX VENTURE:GGL) announces that GGL has had an initial closing of its non-brokered private placement originally announced on August 4, 2011. A combination of flow-through units and non-flow-through units each at a price of $0.05 per unit will be sold. In the initial closing, 900,000 flow-through units at $0.05 per unit were placed for gross proceeds of $45,000 and 700,000 non-flow-through units at $0.05 per unit were placed for gross proceeds of $35,000. Each flow-through unit consists of one flow-through common share and one non-transferable non flow-through warrant. Each warrant will entitle the holder to purchase one non flow-through common share until September 20, 2014 at $0.10 per share. Each non flow-through unit consists of one non flow-through common share and one non-transferable common share purchase warrant. Each warrant will entitle the holder to purchase one non flow-through common share until September 20, 2014 at $0.10 per share. The securities for this initial closing have a hold period until January 21, 2012. Of the $1 million to be raised from the financing with Emerick $500,000 of the proceeds will be spent by GGL on a work program on the McConnell Creek Property and a maximum of $250,000 towards payment of current accounts payable with the balance allocated for ongoing working capital. The balance of the proceeds from the sale of the units will be used for general exploration work and for general corporate purposes. The proceeds from the sale of the flow-through shares will be used to incur Canadian Exploration Expense ("CEE"), as defined in the Income Tax Act (Canada). GGL will renounce such CEE to the subscribers effective for the 2011 tax year. Future closings of the private placement are subject to acceptance for filing by the TSX Venture Exchange. GGL RESOURCES CORP. Raymond A. Hrkac, President & CEO 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.
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