KIRKLAND LAKE, ON, April 16 /CNW/ - GLR Resources Inc. ("GLR" or the
"Company") advises that the Ontario Securities Commission issued a general
order under Section 127(1) of the Securities Act (Ontario) (the "Order").
Pursuant to the Order, all trading in and all acquisitions of the securities
of the Company, whether direct or indirect, shall cease for a period of 15
days from April 14, 2009.
The Order was issued as a result of the inability of the Company to
a. audited annual financial statements for the year ended December 31,
2008, as required by Part 4 of NI 51-102;
b. management's discussion and analysis (MD&A) relating to the audited
annual financial statements, as required by Part 5 of NI 51-102;
c. CEO and CFO certificates relating to the audited annual financial
statements, as required by National Instrument 52-109 Certification
of Disclosure in Issuers' Annual and Interim Filings (collectively,
the required filings); and
d. an annual information form on Form 51-102F2, as required by Part 6 of
NI 51-102 together ("Financial Disclosure").
Under the procedures of the Ontario Securities Commission, this temporary
Order may be replaced by a permanent Order following the end of the temporary
Order. The permanent Order would be in place until the Ontario Securities
Commission acknowledges that all filings that GLR is required to make pursuant
to National Policy 12-103 have been filed. The Company expects certain other
provinces' commissions to also issue similar orders with respect to residents
in those jurisdictions.
On March 30, 2009, GLR reported that it had entered into a forbearance
agreement with Blackfish Capital (Master) Fund 1 Spc ("Blackfish"). GLR
entered into the forbearance agreement as its current cash on hand is
insufficient to meet its current obligations. The forbearance agreement allows
GLR until June 25th, 2009 to develop a restructuring plan to address current
debt, capital and cost structures in the best interest of its stakeholders.
The restructuring plan could include the sale of strategic assets or a
financing. A Special Committee, comprised of three members of the board of
directors and one voting member representing Blackfish, has been formed to
consider proposals to restructure or sell assets of the Company. Until the
Special Committee has considered all proposals and has approved a
restructuring, financing or sale of assets there will be no further news
releases with respect to the restructuring process. Timing of approval of a
restructuring plan or sale of assets affects the financial statements which
cannot be finalised until the valuation of assets is determined by the
The Company is working with its auditors to complete its Financial
Disclosure for release as soon as possible.
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, Quebec and
Saskatchewan. The Company's most advanced project is its Goldfields Project,
located near Uranium City in northern Saskatchewan. The Goldfields project
consists of two open-pitable Gold deposits - The Box and The Athona -
containing a resource in excess of one million ounces Gold. GLR Resources is
focused on bringing the Goldfields project into production.
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: email@example.com; David J. Layman, Senior Vice
President, CFO and Co-CEO Telephone: (705) 567-5351, E-mail: