Module Resources Incorporated
TSX VENTURE : MLE

Module Resources Incorporated

February 09, 2011 01:44 ET

Module Resources Reaches Shares for Debt Settlement With Certain Creditors

WHITE ROCK, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2011) - Module Resources Incorporated (TSX VENTURE:MLE) -

NOT FOR DISTRIBUTION IN THE UNITED STATES.

Module Resources Incorporated is pleased to announce that the Company has received signed letters from five trade creditors who have agreed to accept shares of Module Resources Inc. in final settlement of amounts owed by the Company. The aggregate amount of trade payables, fees and expenses settled with creditors is $146,972.16, which at a deemed issue price of $0.10 per share represents the issuance of 1,469,722 common shares of the Company. The issuance of the shares is subject to compliance with applicable securities laws and approval by the TSX Venture Exchange. The shares will be subject to a hold period of four months and a day.

These transactions were all done in support of the Company's efforts to direct resources to corporate targets and preserve working capital in efforts to expedite exploration of the Ladner Gold Project. 

ON BEHALF OF THE BOARD OF DIRECTORS

Bruce W. Downing, M.Sc., PGeo., Hon.FEC, President & Chief Executive Officer

We seek Safe Harbor.

Caution concerning forward-looking information

This news release may contain forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that can be difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this press release.

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