KIRKLAND LAKE, ON, June 5 /CNW/ - GLR Resources Inc. ("GLR" or "Company")
announces that it filed a Notice of Intention to make a proposal under the
Bankruptcy and Insolvency Act ("Proposal") on May 29, 2009 and effective June
5, 2009 filed its Proposal with the Official Receiver.
The Proposal will be governed by and construed in accordance with the
laws of Ontario and the federal laws of Canada applicable therein. Any
disputes as to the interpretation or application of the Proposal and all
proceedings taken in connection with the Proposal shall be subject to the
exclusive jurisdiction of the Court. All proceedings against GLR have been
stayed as of the date of filing the Notice of Intention.
The implications for creditors and other stakeholders of GLR is not known
at this time and will not be known until the restructuring process is
Paddon + Yorke Inc. have been appointed as trustee.
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. These forward-looking statements are subject to a
variety of risks and uncertainties beyond GLR's ability to control or predict
which could cause actual events or results to differ materially from those
anticipated in such forward-looking statements. 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: Robert Kasner, President and Co-CEO, Telephone:
(705) 567-5351, E-mail: firstname.lastname@example.org; David J. Layman, Senior Vice
President, CFO and Co-CEO, Telephone: (705) 567-5351, E-mail: