Glen Eagle Resources Inc.
TSX VENTURE : GER

Glen Eagle Resources Inc.

August 24, 2010 16:57 ET

Glen Eagle Resources Inc.: Options

MONTREAL, QUEBEC--(Marketwire - Aug. 24, 2010) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle Resources" or the "Company") to be in compliance with the stock option plan of the Company has repriced the following stock options valid for five years and issued at $0.10 cents as reported on Sedar: 50,000 (March 2009) to an officer of the Company, 675,000 (September 2009) to four directors and one consultant have been repriced at $0.11 cents. In December 2009, one director was granted 100,000 stock options at $0.12 cents which were repriced at $0.16 cents.

Mr. Francois Marcotte who was hired on June 10, 2010 as an IR consultant among other things is paid $2,000/month and was granted 100,000 stock options for its services (see press release July 29 and August 6, 2010). The duration of the contract is effective for 12months and will terminate on May 31, 2011.

A minor amendment to the agreement signed on June 8, 2010 with regards to the La Motte property acquisition calls for the following changes: instead of paying $200,000 and issuing 2,000,000 shares for the purchase of the property, the Company will pay $225,000 and will issue 1,800,000 shares over the next three years providing that certain benchmarks are met (see press release June 10, 2010). The amendment was brought to comply with one of the TSX Venture Exchange criteria.

On behalf of Glen Eagle Resources Inc.

Jean Labrecque

President

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release"

Contact Information

  • Glen Eagle Resources Inc
    Francois Marcotte
    Consultant & Investors Relations
    450-536-0279
    gleneagleresources.com