On December 19, 2012, the Bureau de décision et de révision (the Bureau) imposed administrative penalties of $20,000 against Glen Eagle Resources Inc. With this decision, the Bureau has approved an agreement between the AMF and the company.
The administrative penalties result from the company's failure to uphold its continuous disclosure obligations.
More specifically, the company neglected to duly file with the System for Electronic Document Analysis and Retrieval This link will open in a new window (SEDAR) its press release dated March 24, 2009 regarding a credit facility of US$32,000,000, as well as file the declaration set out by regulation within 10 days of obtaining such a facility.
Furthermore, the company neglected to duly file with SEDAR This link will open in a new window its press release dated May 13, 2009 regarding the signing of a definitive agreement, as well as file the declaration set out by regulation within 10 days of signing such an agreement.
The company has been granted 12 months to pay the administrative penalties.