Glen Eagle Resources Inc.

Glen Eagle Resources Inc.

December 19, 2011 08:52 ET

Glen Eagle Resources Inc.: Closing of Private Placement for Total Proceeds of $1,857,675

MONTREAL, QUEBEC--(Marketwire - Dec. 19, 2011) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle" or the "Company") is pleased to announce the closing of a non brokered Private Placement for gross proceeds of $1,357,675 through the issuance of 2,468,500 Flow Through shares priced at $0.55 per share. An additional amount of $500,000 was raised through the issuance of 1,250,000 units priced at $0.40 per unit with 1/2 warrant exercisable at a price of $0.60 per share valid for a period of two years ending December 19, 2013.

The proceeds will be used to advance the Company's Lac Lisette and Moose Lake phosphate properties as well as the Authier Lithium project and for general corporate purposes.

In conjunction with the financing, the Company paid a cash commission in the amount of $148,614 and issued 297,480 non transferable broker's warrants exercisable at a price of $0.40 per share for a period of two years ending December 19, 2013. The securities issued in connection with the financing are subject to a four month hold period expiring on April 20, 2012.

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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