Waterloo Resources Ltd.
TSX VENTURE : WAT.P

March 09, 2009 16:33 ET

Waterloo Provides Update on Qualifying Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2009) - 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 May 31, 2009 to provide Waterloo with additional time to evaluate market conditions and to confirm the structure of its proposed concurrent financing. In addition, pursuant to the terms of the amending agreement, Waterloo's expenditure requirements will remain the same, however a portion of the funding for the second year work program will now be delayed until year four. Cash payments to Eagle Plains will remain unchanged, however an additional 50,000 shares will be issued to Eagle Plains on the third anniversary of the Effective Date (as defined in the Option Agreement).

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 March, 2009 and 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.

ON BEHALF OF WATERLOO RESOURCES

Marcel de Groot, President, Chief Executive Officer and Director

Neither the 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.

Contact Information

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