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Corporate Update
posted on
May 26, 2009 01:13PM
May 26, 2009
Glen Eagle Resources Inc.: Corporate Update
MONTREAL, QUEBEC--(Marketwire - May 26, 2009) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle Resources" or the "Company") has retained the legal services of Cassels & Brock to represent the Company in its process to finalize the transaction with Kinbauri Gold Corp. with regards to the El Valle/Carles project in Spain.
As previously disclosed, Jaguar Financial Corporation ("Jaguar") has brought an action against Glen Eagle and other parties, among other things, in restraining or setting aside Glen Eagle's transaction with Kinbauri Gold Corp. Glen Eagle Resources is vigorously opposing such application. In order for the application to be dealt with in an orderly manner, each of Glen Eagle and Kinbauri has agreed not to complete the Glen Eagle Transaction until the Court has heard and ruled on the application. Oral arguments in respect of the applications are anticipated to be heard in the middle of June, 2009.
