Glen Eagle has 77 million shares outstanding. Approximately 40 million shares are controlled by management with a few key partners.
Its current President, Jean Labrecque was appointed 11 years ago. Fewer than 64 million shares were issued over this period of time while the company was making some key acquisitions in very difficult times for the mining industry.
Highlights under Mr. Labrecque’s tenure:
- Gold Project in Honduras:
- Acquisition of a gold processing plant by purchasing 90% of the issued and outstanding shares of Cobra Oro de Honduras S.A.
- The processing plant will be the tool milling facility for several small producers to process their ore including two Registered Small Scale Mining Cooperatives.
- The milling facility has a capacity of 40 tons per day with potential for considerable expansion.
- Moose Lake Phosphate Project:
- The main phosphate-bearing body on Moose Lake was estimated intially to be 1.5 kilometer long by 250 meters wide which was reconfirmed with a greater degree of certainty by the latest drilling campaign (3300 meters) conducted in early 2015.
- Based on future potential, the Company has signed an option agreement to acquire 63 mining claims almost contiguous to the property. The new area is called Ituk for future reference and the decision to acquire the claims was based on two separate magnetic airborne surveys conducted on both Moose Lake and Ituk. The two airborne surveys have outlined large anomalies bearing similar magnetic signatures.
To have succeeded in doing all of the above with less than 64 million shares issued to raise capital is evidence that the corporate strategy behind Glen Eagle has been protective to its shareholders in terms of assets and share dilution.