Montreal, August 10, 2022 - Glen Eagle Resources Inc.
(the "Corporation") (TSXV:GER) announced on June 20, 2022 that it had entered into an option agreement with an unlisted reporting issuer (referred to as the "Optionee") to acquire a 100% interest in the Moose Lake phosphate project located in the Province of Quebec. The Optionee's name was not mentioned at the time. Glen Eagle can now confirm that the Optionee is First Phosphate Corp, a non-listed but compliant reporting issuer which is planning to go public in the near future.
Glen Eagle further announces that the first payment of $500,000 dollars under the Option Agreement has been made by First Phosphate Corp. Two more payments of the same amount are due on October 17, 2022 and on February 17, 2023. The Company remains confident that the transaction will be highly beneficial to its shareholders based on 6,000,000 shares that the Company will retain within First Phosphate, the strength of its management team and their recent achievements since optioning Moose Lake.
The Company's shareholders can follow First Phosphate recent achievements and reading their investors presentation at www.firstphosphate.com
ABOUT GLEN EAGLE RESOURCES INC.
Glen Eagle Resources is a small gold producer and exploration company operating a gold processing plant in Honduras.
For more information, please contact:
President, Glen Eagle Resources
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