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Message: $32,000,000 USD Credit Facility
| March 24, 2009 |
| Glen Eagle Resources Inc.: $32,000,000 USD Credit Facility |
| MONTREAL, QUEBEC--(Marketwire - March 24, 2009) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle Resources" or the "Company") is pleased to announce the confirmation from a European consortium that a credit facility of $32,000,000 USD will be available on or before May 1, 2009 to Glen Eagle Resources and its financial partner, Paradise Peak Holdings ("PPH"), for future approved mining acquisition(s) based on certain financial and mining criteria. The proceeds will be divided 51/49 between Glen Eagle Resources and PPH. Glen Eagle Resources will issue, subject to regulatory approvals, as the case may be, 6.5 million common shares to PPH for having structured the transaction. A subsequent news release will bring additional details on the acquisition(s) currently being evaluated and further clarification on the terms of the credit facility will be announced when a Letter of Intent with a Lock Up agreement has been signed on or before May 1, 2009 when the facility expires. The Company has 23 million shares outstanding. |
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