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Glen Eagle Resources Inc.: Glen Eagle Resources Inc.: Update on Kinbauri Transaction

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Glen Eagle Resources Inc.: Glen Eagle Resources Inc.: Update on Kinbauri Transaction
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Published on 2009-06-04 07:26:11

MONTREAL, QUEBEC--(Marketwire - June 4, 2009) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle Resources" or the "Company") announces that it has informed Kinbauri Gold Corp. (TSX VENTURE:KNB)(Frankfurt:3KG.DE) that due to the court application commenced in connection with its proposed transaction with Kinbauri Gold Corp. announced on May 12, 2009, the original funding arrangements made by Glen Eagle are no longer available but remains fully committed to closing the transaction with Kinbauri by June 19th. Glen Eagle has been informed on June 3 by Paradise Peak Holdings SA, its financial advisor, that PPH is in the process of completing new financial arrangements. Glen Eagle has advised Kinbauri Gold Corp that it will use its best efforts and expects to provide confirmation of its new funding arrangements by the close of business today.

Should there be any delay to have a fully detailed plan with regards to the new funding arrangement, a press release scheduled no later than June 10 will provide full disclosure of the situation regarding the funding of the transaction.

Forward-Looking Statements

This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.

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