KIRKLAND LAKE, ON, Aug. 4 /CNW/ - GLR Resources Inc. ("GLR" or the
"Company") announces that a Meeting of Creditors of the Company (the
"Meeting") was held on July 30, 2009 for the purpose of seeking creditor
approval of the proposal in bankruptcy (the "Proposal") regarding the sale of
the Goldfield properties and assets (the "Sale") to Linear Gold Corp.
("Linear"). A representative from the firm of Paddon + Yorke Inc. acted as
Proposal Trustee for the Meeting. Of the duly proved claims filed with the
Proposal Trustee, 98.6% of creditors, either by voting letter or by proxy,
voted in favour of the Company's proposal to creditors. There were no
creditors who voted against the proposal.
Closing of the Sale is subject to the satisfaction of certain closing
conditions and the receipt of court approval. The hearing for court approval
is scheduled for August 18, 2009.
About GLR Resources Inc.
GLR is a Canadian-based junior mining and exploration company focusing on
projects in North America with existing projects in Ontario and Quebec. On
January 7, 2009, the TSX de-listed GLR's securities and, consequently, the
Company's securities do not trade on a recognized Canadian exchange.
For further information please see the company website at
Forward Looking Statements: This news release contains certain
forward-looking statements, such as the references to the completion of the
Sale and court approval of the Proposal. These forward-looking statements are
subject to a variety of risks and uncertainties which could cause actual
events or results to differ materially from those anticipated in such
forward-looking statements, including uncertainty regarding the resolution of
any claims subsequently submitted by other parties as creditors under the
Proposal, uncertainty with respect to court determinations of the rights of
creditors or other parties, the ability of GLR and Linear to meet certain
conditions precedent to the Sale or to close the Sale on a timely basis or at
all. Although GLR believes that the assumptions inherent in the
forward-looking statements are reasonable, undue reliance should not be placed
on these forward-looking statements.
For further information:
For further information: David J. Layman, Senior Vice President, CFO and
Co-CEO, Telephone: (705) 567-5351, E-mail: email@example.com