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| Home : Glen Eagle Closes Final Agreement With Gestion Cobra Oro Intl |
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Mar 03
2015 |
Glen Eagle Closes Final Agreement With Gestion Cobra Oro Intl |
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MONTREAL, QUEBEC--(Marketwired - March 2, 2015) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle" or the "Company") is pleased to announce that the final terms were reached recently between Glen Eagle and Gestion Cobra Oro Intl to increase Glen Eagle's ownership of Cobra Oro de Honduras from 80% to 90% in consideration for the investment ($200,000) that the Company has made recently into Cobra Oro de Honduras to complete the project. As part of the new deal to improve Glen Eagle's ownership of Cobra Oro de Honduras, the Company has also renegotiated the purchase of an additional 5% of Cobra Oro de Honduras in consideration of CDN$125,000 payment should Cobra Oro de Honduras reach $500,000 in net profits. Glen Eagle will have the obligation to exercise the option and will own 95% of Cobra Oro de Honduras. Apart form the modifications herein, the transaction remains unchanged from the terms reported in the News Release dated December 9, 2014. The final documents were presented recently to the TSX Venture Exchange and the company expects to receive approval of the transaction shortly. |
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| Source:http://www.marketwired.com/mw/release.do?id=1996411&sourceType=3 |
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