Waterloo Resources Ltd.

December 23, 2008 17:01 ET

Waterloo Provides Update on Qualifying Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 23, 2008) - Waterloo Resources Ltd. (TSX VENTURE:WAT.P) ("Waterloo"), a Vancouver based Capital Pool Company listed on the TSX Venture Exchange (the "Exchange"), is providing an update on the status of its "Qualifying Transaction" first announced on September 24, 2008.

Due to prevailing market conditions, Waterloo has decided to postpone the timing of its filings with the Exchange in connection with the Option Agreement dated effective September 8, 2008 between Waterloo and Eagle Plains Resources Ltd. ("Eagle Plains") (TSX VENTURE:EPL) pursuant to which Waterloo has a right to earn up to a 75% interest in the Ice River Property located 45 km east of Golden in British Columbia, Canada. Waterloo has entered into an amending agreement with Eagle Plains whereby the regulatory approval deadline for the transaction has been extended from December 31, 2008 to March 31, 2009 to provide Waterloo with additional time to evaluate market conditions and to confirm the structure of its proposed concurrent financing. Please refer to Waterloo's news release dated September 24, 2008 for further details of the proposed Qualifying Transaction and concurrent private placement.

Waterloo will provide a further update on the status and timing of the Qualifying Transaction before the end of January, 2009.

Trading in Waterloo's common shares on the Exchange will remain halted pending completion of the Qualifying Transaction or further updates as to the status of the Qualifying Transaction.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.


Marcel de Groot, President, Chief Executive Officer and Director

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

Contact Information

  • Waterloo Resources Ltd.
    Marcel de Groot
    (604) 628-1102
    (604) 688-0094 (FAX)