VANCOUVER, British Columbia, March 19, 2018 (GLOBE NEWSWIRE) -- Glacier Lake Resources Inc. (TSXV:GLI) (“Glacier” or the “Company”) is pleased to announce that it has completed its non-brokered private placement of units (each, a “Unit”) at a price of $0.06 per Unit. The placement was oversubscribed and on closing the Company issued 8,843,175 Units for gross proceeds of $530,590.50.
Each “Unit” consists of one common share of the Company and one common share purchase warrant (each, a “Warrant”). Each “Warrant” entitles the holder to purchase an additional common share at a price of $0.10 for a period of twenty-four months, subject to accelerated expiry in the event the closing price of the Company’s common shares is $0.25 or higher for ten (10) consecutive trading days.
The Company anticipates utilizing the proceeds of the private placement to fund its summer work programs in British Columbia, and for general working capital purposes.
In connection with completion of the private placement, the Company has paid finder’s fees of $24,655.20 and issued 398,920 Warrants to certain persons who introduced subscribers to the Company. All securities issued in connection with the private placement are subject to a four-month-and-one-day statutory hold period.
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Glacier Lake Resources Inc.
Please visit our Website at: www.glacierlake.ca
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This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.