Glen Eagle Resources Inc.
TSX VENTURE : GER

Glen Eagle Resources Inc.

April 21, 2011 16:26 ET

Glen Eagle Resources Inc. Closes Previously Announced Private Placement

MONTREAL, QUEBEC--(Marketwire - April 21, 2011) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle" or the "Company") is pleased to announce that it has closed, as previously announced in a March 30, 2011 news release, a brokered private placement of $1,100,000 by issuing 5,500,000 units (the "Units"). Each Unit is comprised of one (1) common share and one (1) common share purchase warrant, each warrant entitling the holder to subscribe for one (1) common share at a price of $0.35 per share for a period of two (2) years following the closing. After four months and one day from the closing of this transaction, should the common shares of the Company close above $0.60 for twenty (20) consecutive trading days, the Company may force the exercise of the warrants and be entitled to notify the holders of warrants of its intention to force the exercise of the warrants. Upon receipt of such notice, the holders of warrants shall have 30 days to exercise the warrants failing which the warrants will automatically expire.

All of the proceeds will be used to conduct an exploration program on its recently optioned Lac Lisette phosphate property, to further its Autier Lithium project and for general working capital.

In connection with the private placement, 160,000 broker warrants were issued and the Company paid $75,750 to the agent of the Company. The broker warrants are exercisable into common shares of the Company at $0.20 per share and expire two (2) years from closing.

In accordance with applicable securities legislation, the securities issued in connection with the private placement will be subject to a four-month hold period following the closing of the Offering.

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

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