Glen Eagle Resources Inc (TSXV:GER) announced a non-brokered private placement of convertible unsecured promissory notes and non-convertible notes, for aggregate gross proceeds of up to CAD 600,000 on January 17, 2014. The convertible note carries a coupon of 20% per annum and is repayable two years after the closing. The notes are convertible, at the option of the holders, in shares of the company at a conversion price of CAD 0.50 per share, at any time prior to their maturity date.

The non-convertible note carries a coupon of 15% per annum and is repayable two years after the closing. Each tranche of CAD 1,000 of non-convertible notes is accompanied by 1,666 warrants. Each warrant entitles its holder to acquire one share of the company at a price of CAD 0.40 per share until December 31, 2015.