Vancouver, B.C. – May 15, 2020 – GGL Resources Corp. (TSX-V: GGL) (“GGL” or the “Company”) announces it has closed the $100,000 private placement with its major shareholder, Strategic Metals Ltd. (“Strategic”), as announced on May 13, 2020. The private placement consisted of the sale of 2,000,000 common shares at a price of $0.05 per share, all of which shares are subject to a hold period expiring on September 16, 2020. The proceeds from this private placement will be used for working capital purposes.
Strategic now holds 13,562,500 common shares of GGL, representing 46.31% of the 29,286,722 common shares of GGL currently issued and outstanding. Accordingly, Strategic will now be issuing its own news release pursuant to National Instrument 62-103, which also requires that Strategic file an updated Early Warning Report with each of the British Columbia and Alberta Securities Commissions containing information with respect to its security holdings in GGL.
About GGL Resources Corp.
GGL is a Canadian-based junior exploration company focused on diamond exploration in Canada’s north with key projects in Nunavut as well as the Lac de Gras diamond district in the Northwest Territories. Lac de Gras is home to Canada’s first two diamond mines, the world class Diavik and Ekati mines discovered in the 1990’s. In addition to GGL’s key focus of diamond exploration, it holds diamond Royalties on mineral leases in close proximity to the Gahcho Kué diamond mine in the Northwest Territories. The Company also holds several encouraging base metal and gold projects in British Columbia and the Northwest Territories including the McConnell copper-gold porphyry and shear hosted gold project located 16 kilometers southeast of the Kemess Mine.
ON BEHALF OF THE BOARD
President, Chief Operating 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:
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.
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.