GLR Resources Inc. announces private placement offering


    KIRKLAND LAKE, ON, April 25 /CNW/ - GLR Resources Inc. ("GLR" or the
"Company") (TSX: GRS) announces that it has entered into an agreement to raise
up to $2,000,000 (the "Offering") by way of a brokered private placement with
Evergreen Capital Partners Inc. (the "Agent") on a best efforts basis. The
Offering will consist of the issuance of up to 2,777,777 "flow-through" units
(the "Flow-Through Units") at a price of $0.72 per Flow-Through Unit (the
"Issue Price").
    Each Flow-Through Unit will be comprised of one "flow-through" common
share and one-half of one common share purchase warrant (each whole common
share purchase warrant, a "Warrant"). Each Warrant will entitle the holder
thereof to purchase one common share of the Company at a price of $0.85 for an
18-month period.
    The Agent will be entitled to be paid a cash commission of 7% of the
aggregate gross proceeds raised under the Offering. The Company will also
grant to the Agent non-assignable warrants (the "Agent Warrants") representing
9% of the number of Flow-Through Units sold under the Offering. Each Agent
Warrant will entitle the Agent to purchase one unit of securities of the
Company (an "Agent's Unit") at the Issue Price for an 18-month period. Each
Agent's Unit will be comprised of one common share and one-half of one
    In addition, the Company has granted to the Agent an option (the "Agent's
Option") to place up to an additional 1,388,888 "flow-through" units,
identical in all respects to the Flow-Through Units, at the Issue Price for
additional aggregate gross proceeds of up to approximately $1,000,000, upon
the terms and conditions of the Offering. The Agent's Option may be exercised
at any time on or before five days prior to the closing date for the Offering
by notice in writing to the Company.
    The Offering is expected to close on or about May 25, 2007 or such other
date as the Company and the Agent may agree and is subject to regulatory
approval. The securities issued under the Offering will be subject to a hold
period expiring four months and a day after the closing of the Offering.
    The proceeds of the Offering will be used for the exploration and
development of the Company's gold projects in Saskatchewan.

    The securities offered have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an applicable exemption from the
registration requirements. This press release shall not constitute an offer of
securities for sale in the United States or Canada or the solicitation of an
offer to buy securities in the United States or Canada, nor shall there be any
sale of the securities in any jurisdiction or state in which such offer,
solicitation or sale would be unlawful.

    Forward looking statements:

    Certain information in this news release contains forward-looking
statements that are based on the Company's current expectations and events
that the Company believes, expects or anticipates will or may occur in the
future (including, without limitation, statements regarding the proposed
Offering and the Company's plans with respect to the exploration and
development of its properties). Forward-looking statements are frequently
characterized by words such as "plan," "expect", "project", "intend",
"believe", "anticipate", "estimate" and other similar words or statements that
certain events or conditions "may" or "will" occur, and include, without
limitation, statements regarding future plans and objectives of the Company.
    Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause actual events or results to
differ materially from estimated or anticipated events or results implied or
expressed in such forward-looking statements. Factors that could cause such
differences include changes in world gold markets and equity markets, changes
to regulations affecting the Company's activities, uncertainties relating to
the availability and costs of financing needed in the future, the
uncertainties involved in interpreting drilling results and other ecological
data, delays in the development of projects and the other risks involved in
the gold exploration and development industry. Any forward-looking statement
speaks only as of the date on which it is made and, except as may be required
by applicable securities laws, the Company disclaims any intent or obligation
to update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Forward-looking statements
are not guarantees of future performance and accordingly undue reliance should
not be put on such statements due to the inherent uncertainty therein.

For further information:

For further information: Robert J. Kasner, President and Chief Executive
Officer, Phone (705) 567-5351, Fax: (705) 567-5557, E-Mail:; Malcom Bucholtz, VP Corporate & Investor Relations, GLR
Resources Inc., Tel: (306) 525-0852, E-mail:, Web:

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