Glen Eagle Resources Inc.

Glen Eagle Resources Inc.

March 24, 2009 11:15 ET

Glen Eagle Resources Inc.: $32,000,000 USD Credit Facility

MONTREAL, QUEBEC--(Marketwire - March 24, 2009) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle Resources" or the "Company") is pleased to announce the confirmation from a European consortium that a credit facility of $32,000,000 USD will be available on or before May 1, 2009 to Glen Eagle Resources and its financial partner, Paradise Peak Holdings ("PPH"), for future approved mining acquisition(s) based on certain financial and mining criteria. The proceeds will be divided 51/49 between Glen Eagle Resources and PPH. Glen Eagle Resources will issue, subject to regulatory approvals, as the case may be, 6.5 million common shares to PPH for having structured the transaction.

A subsequent news release will bring additional details on the acquisition(s) currently being evaluated and further clarification on the terms of the credit facility will be announced when a Letter of Intent with a Lock Up agreement has been signed on or before May 1, 2009 when the facility expires.

The Company has 23 million shares outstanding.

Forward-Looking Statements

This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.

The TSX does not accept responsibility for the adequacy or accuracy of the release.

Contact Information

  • Glen Eagle Resources Inc.
    Jean Labrecque
    President & CEO