GL Energy - GEEX News Release 15 Aug.
Financing for GL Energy and Exploration Inc.
VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 15, 2003--GL
Energy and Exploration (GEEX) on July 1, 2003 announced the signing of
a Letter of Intent with a venture capital fund in the US to secure a
$3,000,000 loan financing to construct and operate a Pilot Plant for
the Duna Chaopa Narte on La Barca ore-bodies located in Chile, South
America. The Company has terminated the finalization of this Letter of
Intent.
On July 28, 2003 the Company signed a Term Sheet with Cornell
Capital Partners LP whereby Cornell would commit to fund up to
11,000,000 for GL Energy and Exploration Inc. from time to time over
the course of 24 months. The timing and amounts would be at the
discretion of GL Energy and the aggregate dollar amount in any
thirty-day calender period would be up to a maximum of $1,000,000.
Certain of these statements contained in the press release may be
deemed forward-looking statements. Such statements, and other factors
that could cause actual results to differ materially from these
statements and matters are the risks that other factors detailed from
time to time, in the Company's reports with Securities and Exchange
Commissions, including, but not limited to, the Company's Annual
Report on Form 10-K and its Quarterly Reports of Form 10-Q.
--30--CB/na*
CONTACT: Pacific Bay Financial Corporation
Mike Skerry, 888-821-6607
KEYWORD: CHILE INTERNATIONAL CANADA LATIN AMERICA
INDUSTRY KEYWORD: MINING/METALS ENERGY
SOURCE: Pacific Bay Financial Corporation
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