Glacier Lake Raises $707,045 in Private Placement
January 2, 2018
Vancouver, British Columbia – January 2, 2018 – Glacier Lake Resources Inc. TSXV: GLI – (the “Company”) is pleased to announce it has closed its non-brokered private placement for gross proceeds of $707,045. The placement was oversubscribed, and in connection with closing the Company has issued 3,700,750 non-flow-through units (the “Non-Flow-Through Units”) at a price of $0.06 per Non-Flow-Through Unit, and 6,062,500 flow-through units (the “Flow-Through Units”) at a price of $0.08 per Flow-Through Unit. Each Non-Flow-Through Unit consists of one common share of the Company and one common share purchase warrant entitling the holder to purchase one additional share at a price of $0.10 for a period of twenty-four (24) months. Each Flow-Through Unit consists of one common share and one common share purchase warrant entitling the holder to purchase one additional share at a price of $0.15 for a period of twenty-four (24) months.
The Company anticipates utilizing the proceeds of the private placement for a planned drill program on its Silver Vista project located near Smithers, British Columbia, and for general working capital purposes. In connection with completion of the private placement, the Company has paid finder’s fees of $1,920, and has issued 77,560 common shares and 594,560 common share purchase warrants (the “Broker Warrants”) to eligible persons who introduced subscribers to the Company. Each Broker Warrant entitles the holder to purchase one share at a price of $0.10 for a period of twenty-four (24) months. All securities issued in connection with the private placement are subject to a four-month-and-one-day statutory hold period.
On behalf of the Board of Directors
GLACIER LAKE RESOURCES INC.
President, Chief Executive Officer, Director