Update on the $25 Million Equity Line Of Credit

Montreal, Quebec - TheNewswire - July 28, 2020 - Glen Eagle Resources Inc. (TSXV:GER) (OTC:GERFF) ("Glen Eagle" or the "Company") announced in a News Release dated March 25, 2020 that it had concluded a $25 million equity line of credit (ELOC) subject to the TSX approval.

The TSX has recently reviewed the terms of the ELOC and came to the conclusion that the transaction can not take place under its current form.

Two majot issues were raised and considered unacceptable from a compliance point of view under TSX set of rules. One was the issuance of upfront warrants and the secound was related to the commission payment.

The Company tried to renegotiate the terms with the Issuer but could not come to an agreement on the necessary changes to meet the TSX compliance requirements. The Company announces therefore that it can not move forward with the transaction based on the content of this News Release.

Jean Labrecque, President

Glen Eagle Resources Inc

Complexe du Canal Lachine, Suite 308

4710 St-Antoine Street

Montreal (Quebec)


Tel : 514-808-9807

"Neither 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." Values in the news release are quoted in canadian dollars.

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