Vancouver, British Columbia – October 31, 2017 – GGL Resources Corp. (TSXV: GGL) (the “Company”) is pleased to report that further to its news release dated September 12, 2017, the Company has now completed its restructuring plan by closing its private placement financing and restructuring its Board and Management.
The Company has completed its private placement financing by issuing a total of 15 million common shares, at a price of $0.10 per common share, with Strategic Metals Ltd. (“Strategic”) purchasing $1.0 million of the total $1.5 million financing. The investment by Strategic resulted in Strategic becoming a “Control Person” of the Company (as defined by the policies of the Exchange) holding greater than 20% of the issued and outstanding common shares of the Company. The common shares issued have a hold period of four months plus a day from the date of issuance. Proceeds of the private placement will be used for general working capital purposes and exploration work on the Company’s diamond properties.
Board and Management Changes
On closing of the private placement and as previously announced, Board and Management changes have been made.
In regards to Board changes Mr. Graham Eacott and Mr. William Meyer have resigned from the Board. In addition, Mr. Eacott has resigned as interim Chairman and CEO and Mr. Nick DeMare has resigned as CFO.
Mr. Doug Eaton, Mr. Matt Turner and Ms. Elizabeth Flavelle have been appointed to the Board. The Board now comprises Mr. Eaton, Mr. Turner, Ms. Flavelle, Mr. William Barclay and Mr. DeMare.
Mr. Eaton has been active in the mineral exploration industry for 46 years and has been a director or officer of various junior mining companies for more than 30 years. He is President of Archer, Cathro & Associates (1981) Limited, a large geological consulting firm, and President and CEO of Strategic Metals Ltd., a successful project generator. In 2012, Mr. Eaton was a co-recipient of the Spud Huestis Award, which recognized exploration done on behalf of ATAC Resources Ltd., a gold explorer he founded. Mr Eaton has a B.A. from the University of Alberta and a B.Sc. in geology from the University of British Columbia (UBC).
Mr. Turner has managed and participated in a wide variety of exploration projects throughout Northern Canada over the past 20 years. These projects include the 1.36 million ounce Klaza Gold Deposit located in Yukon Territory and the former producing Snap Lake Diamond Mine in Northwest Territories. Mr. Turner holds a B.Sc. in Earth and Ocean Sciences from UBC and is currently President and CEO of Rockhaven Resources Ltd.
Ms. Flavelle has earned a B.Sc. in Earth and Ocean Sciences from UBC and an MBA from Thompson Rivers University. Over the past six years, she has progressed through various geological and financial positions and is presently pursuing her CPA designation while articling with DMCL Chartered Professional Accountants.
Mr. DeMare and Mr. Barclay are continuing directors of GGL. Mr. Eaton has also been appointed CEO and Mr. Larry Donaldson CFO.
Mr. Donaldson is a Chartered Professional Accountant with over 40 years of accounting, auditing and tax experience. He graduated from the University of British Columbia with a Bachelor of Commerce degree. He is the managing partner of a local Chartered Professional Accountant office and has extensive experience in public company audits, and in accounting and tax planning for mineral exploration based companies. He is currently the CFO of ATAC Resources Ltd., Califfi Capital Corp., Rockhaven Resources Ltd., Silver Range Resources Ltd., Trifecta Gold Ltd. and Strategic Metals Ltd., and is a Director of Pacific Empire Minerals Corp.
This now completes the restructuring plan as previously announced in our September 12, 2017 news release. The Board extends its thanks to Messrs. Eacott and Meyer for their long-term services to the Company as directors and to Mr. DeMare for his services as CFO.
“We are extremely pleased to have completed these transactions” states Mr. Eaton. “Now that we are on firm financial footing, we can move forward to build a strong team, with the goal of making the Company a leading diamond explorer.”
On behalf of the Board of Directors,
“W. Douglas Eaton”
W. Douglas Eaton
Chief Executive Officer
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.