VANCOUVER, British Columbia, Nov. 09, 2018 (GLOBE NEWSWIRE) -- Red Eagle Mining Corporation (TSX: R, BVL: R, OTCQX:
RDEMF) advises that the secured lenders have given default notice and a demand letter under the secured credit facility
and advised of their intention to appoint FTI Consulting as receiver over Red Eagle Mining’s assets. Red Eagle Mining had
negotiated a restructuring, announced August 24, 2018 under which the secured lenders would write off a significant part of their
debt to enable Red Eagle Mining to recommence operations, but the restructuring was contingent upon a US$38 million equity
financing from Annibale SAC, personally guaranteed by its principal Fernando Palazuelo. Annibale defaulted on that commitment
and as a result, the restructuring could not proceed.
Additional Information
Toni Vanderlaan
Senior Managing Director
FTI Consulting
+1 416 649 8134
red.eagle@fticonsulting.com
This news release includes forward-looking statements that are subject to risks and uncertainties. All
statements within, other than statements of historical fact, are to be considered forward looking. Although Red Eagle Mining
believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ materially from those in forward-looking
statements. Factors that could cause actual results to differ materially from those in forward-looking statements include
market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic,
market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers
are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any
forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any
securities in the United States. The securities have not been and will not be registered under the United States Securities
Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United
States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from
such registration is available.