GLR Resources Inc. completes private placement financing

    KIRKLAND LAKE, ON, Feb. 28 /CNW/ - GLR Resources Inc. (the "Company")
(TSX:GRS) is pleased to announce that it has completed a brokered private
placement (the "Financing") for aggregate gross proceeds of $4,010,000 through
the sale of 4,000,000 "flow-through" Class A voting common shares of the
Company (each, a "Flow-Through Share") at a price of $0.50 per Flow-Through
Share and 5,025,000 units of the Company (each, a "Unit") at a price of $0.40
per Unit. M Partners Inc., which acted as lead agent, together with Blackmont
Capital Inc. and Evergreen Capital Partners Inc. (the "Agents) were engaged to
sell the Flow-Through Shares and Units offered under the Financing on a best
efforts basis, with Limited Market Dealer Inc. ("LMD") participating as agent
for a portion of the Financing.
    Each Unit is comprised of one Class A voting common share of the Company
(each, a "Common Share" with each such Common Share comprising part of a Unit,
a "Unit Share") and one-half of one Common Share purchase warrant of the
Company (each such whole Common Share purchase warrant, a "Warrant"). Each
Warrant entitles the holder thereof to purchase one Common Share at a price of
$0.60 for a 24-month period.
    The Company plans to use the funds raised in the Financing for (i)
capital expenditure on the Company's Box Deposit, (ii) qualified Canadian
Exploration Expenditures on the Company's Goldfields Property, and (iii)
general working capital purposes.
    The Company paid the Agents and LMD a total cash commission equal to 6%
of the aggregate proceeds of the Financing and granted them non-transferable
warrants (each, an "Agent Warrant") to purchase an aggregate of up to
541,500 units of the Company (each, an "Agent Unit"). Each Agent Warrant
entitles the holder thereof to purchase one Agent Unit for a period of
24 months at an exercise of $0.44. Each Agent Unit will be comprised of one
Common Share and one-half of one Common Share purchase warrant (each such
whole Common Share purchase warrant, an "Agent Unit Warrant"). Each Agent Unit
Warrant will entitle the holder thereof to purchase one Common Share at a
price of $0.60 for a 24-month period.

                             About GLR Resources

    GLR is a Canadian based junior mining and exploration company focusing on
projects in North America and with existing projects in Ontario, Quebec and
Saskatchewan. GLR'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 is focused on bringing the
Goldfields project into production in 2009. GLR trades on the TSX under the
symbol GRS.

    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 & CEO, T: (705)
567-5351, E:; Malcolm Bucholtz, V.P. Investor Relations,
T: (306) 525-0852, E:

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