Montreal, Quebec, May 16, 2011 – Glen Eagle Resources Inc. (TSX VENTURE EXCHANGE: GER) (“Glen Eagle” or the “Company”) is pleased to announce that it has closed, as previously announced in a news release dated April 28, a non-brokered private placement of $800,000 by issuing 2,000,000 flow through shares at $0.40 cents.
Most of the proceeds will be used for exploration work on the Company’s Lac Lisette Phosphate Project in Quebec.
In connection with the private placement, 120,000 broker warrants were issued and $48,000 was paid in commissions. The broker warrants are exercisable into common shares of the Company at $0.40 per share and will expire 2 years from closing.
In accordance with applicable securities legislation, the securities issued in connection with the private placement will be subject to a four-month hold period following the closing of the Offering.
FOR FURTHER INFORMATION CONTACT:
Jean Labrecque, President jl@gleneagleresources.com
Glen Eagle Resources Inc
999 DeMaisonneuve West
Suite 725
Montreal, Quebec
Tel: 514 938-4888
Website: www.gleneagleresources.com
