Vancouver, B.C. March 19th, 2018 – 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.