SOURCE: GLR Resources

September 07, 2007 20:55 ET

GLR Resources Inc. Completes Non-Brokered Financing

KIRKLAND LAKE, ON--(Marketwire - September 7, 2007) - GLR Resources Inc. (TSX: GRS) ("GLR" or the "Company") announces that it has completed a non-brokered private placement financing (the "Financing") pursuant to which 96,500 Class A voting common shares (the "Common Shares") were issued at a price of $0.55 per Common Share for aggregate gross proceeds of $53,075. The Common Shares were issued on a "flow-through" basis and are subject to a hold period expiring on January 7, 2008.

Malcolm Bucholtz, the Vice President, Investor Relations of the Company, subscribed for 36,500 Common Shares pursuant to the Financing. As a consequence, the participation of Mr. Bucholtz in the Financing constitutes a "related party transaction" that is subject to Ontario Securities Commission Rule 61-501. The Company completed Mr. Bucholtz's subscription within 21 days of the date of the initial decision of the board of directors of the Company to proceed with the Financing, as part of the closing of the Company's larger offering of Common Shares.

The gross proceeds of the Financing will be used for exploration of the Company's mining properties located in Ontario and Saskatchewan.

The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer of securities for sale in the United States or Canada or the solicitation of an offer to buy securities in the United States or Canada, nor shall there be any sale of the securities in any jurisdiction or state in which such offer, solicitation or sale would be unlawful.

Not for distribution to U.S. Newswire Service or for Dissemination in the United States

Contact Information

  • For further information please contact:

    Robert J. Kasner
    President and Chief Executive Officer
    Phone: (705) 567-5351
    Fax: (705) 567-5557
    E-Mail: Email Contact

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

    Saskatoon Office:

    515-45th St. West
    Saskatoon, Saskatchewan
    S7L 5X5
    Tel: (306) 652-0582