SOURCE: GLR Resources

November 27, 2007 15:25 ET

GLR Resources Inc. Completes Flow-Through Share Financing

KIRKLAND LAKE, ON--(Marketwire - November 27, 2007) - GLR Resources Inc. (TSX: GRS) (FRANKFURT: GKF) (PINKSHEETS: GLRAF) (the "Company") is pleased to announce that it has completed a brokered private placement (the "Financing") for aggregate gross proceeds of $3,000,000 through the sale of 3,750,000 "flow-through" Class A voting common shares of the Company (each, a "Flow-Through Share") at a price of $0.80 per Flow-Through Share. M Partners Inc. was engaged to act as lead agent to sell the Flow-Through Shares offered under the Financing on a best efforts basis, with Limited Market Dealer Inc. (together with M Partners Inc., the "Agents") participating as agent for a portion of the Financing.

The Company plans to use the funds raised in the Financing for qualified Canadian Exploration Expenditures on the Company's eligible projects, with up to $2 million to be spent on the Company's Goldfields Project and the remaining funds to be split amongst the Company's Kirkland Lake, Thunder Bay and Casa Berardi properties.

The Company paid the Agents a total cash commission equal to 6% of the aggregate proceeds of the Financing and granted them non-transferable warrants (each, a "Broker Warrant") to purchase an aggregate of up to 225,000 Class A voting common shares of the Company (each, a "Broker Warrant Share"). Each Broker Warrant entitles the holder to purchase one Broker Warrant Share at a price of $0.80 per Broker Warrant Share for a period of 18 months.

About GLR Resources Inc.

GLR is a Canadian junior mining and exploration company focusing on projects in North America and with existing projects in Ontario, Quebec and Saskatchewan. The most advanced project is the Goldfields Project, located near Uranium City in Northern Saskatchewan. The Goldfields project consists of two open-pitable Gold deposits -- The Box and The Athona -- containing a resource in excess of one million ounces Gold. GLR is focused on bringing the Goldfields project into production in late 2008. GLR trades on the TSX under the symbol GRS. More information is available on line at:

Forward-Looking Statements: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety and uncertainties beyond GLR's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Although GLR believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements.

Contact Information

  • For further information please contact:

    Robert Kasner
    President & CEO
    Tel: (705) 567-5351
    Email: Email Contact

    Malcolm Bucholtz
    V.P.. Investor Relations
    Tel: (306) 525-0852
    Email: Email Contact

    P.O. Box 546, 4 Al Wende Avenue
    Kirkland Lake, Ontario
    P2N 3J5
    Tel: (705) 567-5351
    Fax: (705) 567-5557
    Email: Email Contact

    Saskatoon Office:

    515-45th St. West
    Saskatoon, Saskatchewan
    S7L 5X5
    Tel: (306) 657-4549