American Marconi Wireless News - GGL Resources Corp. Announces Closing of Initial Tranche of Private Placement

The initial tranche consisted of the sale of a total of 7,000,000 units at a price of $0.05 each, each unit consisting of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of $0.10 until July 24, 2027.

All of the shares issued pursuant to the initial tranche, including any shares that may be issued pursuant to the exercise of the warrants, are subject to a hold period in Canada until November 25, 2025. The proceeds from this private placement will be used to fund exploration activities on the Company's United States and Canadian based exploration projects and for general working capital purposes.

Insiders of GGL purchased a total of 980,000 units pursuant to the initial tranche. The participation of these insiders in the initial tranche constituted a related party transaction within the meaning of TSX-V Policy 5.9 and Multilateral Instrument 61-101 - "Protection of Minority Security Holders in Special Transactions" ("MI 61-101"). GGL has relied on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the fair market value (as determined under MI 61-101) of insider participation in the private placement does not exceed 25% of GGL's market capitalization.

About GGL Resources Corp.

GGL is a seasoned, Canadian-based junior exploration company, focused on the exploration and advancement of under-evaluated mineral assets in politically stable, mining friendly jurisdictions. The Company has optioned and wholly owned claims in the Gold Point district of the prolific Walker Lane Trend, Nevada. The Gold Point claims cover several gold-silver veins, five of which host past producing high-grade mines, as well as an exciting new porphyry target which is currently under option to Teck. The Company also owns the McConnell Project, which hosts mesothermal gold veins and an under explored porphyry copper-gold prospect in the Kemess District of north-central British Columbia. GGL also holds diamond royalties on mineral leases adjacent to the Gahcho Kué diamond mine and southwest of the Ekati diamond mine in the Northwest Territories.

ON BEHALF OF THE BOARD

"Matthew Turner"

Interim Chief Executive Officer and Director

For further information concerning GGL Resources Corp. or its various exploration projects please visit our website at www.gglresourcescorp.com or contact:

This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: GGL Resources Corp.

View the original press release on ACCESS Newswire

P.Mathewson--AMWN