GGL Resources Corp.: Annual Meeting Elects Five Directors, Private Placement Closes
September 23 2010 - 7:00AM
Marketwired
Raymond A. Hrkac, President and CEO of GGL Resources Corp. (TSX
VENTURE: GGL) ("GGL") is pleased to announce that the shareholders
approved the election of directors at the Annual and Special
General Meeting ("AGM") of the Company in Vancouver, BC on
September 16, 2010.
Returning directors are Nick DeMare, Graham Eacott, Raymond A.
Hrkac, William Meyer and Wayne Spilsbury.
Shareholders also voted in favor of the appointment of D+H Group
LLP as auditors of the Company for the ensuing year and approved
the annual ratification of the Company's 10% rolling stock option
plan.
At a directors' meeting held subsequent to the AGM, Mr. R. Hrkac
was appointed President and CEO and Mr. N. DeMare was appointed
Secretary and CFO.
Private Placement
GGL closed its non-brokered private placement originally
announced on September 1, 2010. 3,000,000 units at a price of $0.05
per unit were placed for gross proceeds of $150,000. Each unit
consists of one common share and one non-transferable warrant. Each
warrant will entitle the holder to purchase one common share until
September 17, 2012 at $0.10 per share, subject to an Acceleration
Event. The securities have a hold period until January 18,
2011.
If GGL's common shares trade on the TSX Venture Exchange at a
closing price greater than $0.50 per share for twenty consecutive
trading days at any time after four months and one day from the
closing date, GGL may accelerate the expiry of the warrants by
giving notice to the holders thereof, and in such case the warrants
will expire on the 30th day after the date on which such notice is
given ("Acceleration Event").
The proceeds from the sale of the units will be used for
exploration work and for general corporate purposes.
GGL RESOURCES CORP.
Raymond A. Hrkac, President & CEO
For more information, please check our web site at
www.gglresourcescorp.com.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States. The securities have not been and will not be registered in
the United States Securities Act of 1933, as amended (the "US
Securities Act") or any state securities laws and may not be
offered or sold within the United States or to US Persons unless
registered under the US Securities Act and applicable securities
laws or an exemption from such registration is available.
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.
Contacts: GGL Resources Corp. Raymond A. Hrkac President &
CEO (604) 688-0546 or Toll Free: 1-866-688-0546 (604) 608-9887
(FAX) info@gglresourcescorp.com www.gglresourcescorp.com
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