Aug 24 (Reuters) - Red Eagle Mining Corp R.TO :
* RED EAGLE MINING ANNOUNCES RESTRUCTURING
* RED EAGLE MINING CORP - AGREED TO RETIRE $60 MILLION CREDIT FACILITY WITH ORION AND LMM
* RED EAGLE MINING - AS OF JUNE 30, CO HAD A NEGATIVE WORKING CAPITAL OF ABOUT $100 MILLION
* RED EAGLE MINING - WILL SETTLE CREDIT FACILITY, INCLUDING ACCRUED INTEREST, FOR $28 MILLION CASH AND ABOUT $15 MILLION IN EQUITY
* RED EAGLE MINING - FERNANDO PALAZUELO, FOUNDER AND CEO OF ANNIBALE, TO REPLACE JEFFREY MASON ON CO'S BOARD ON CLOSING OF PRIVATE PLACEMENT
* RED EAGLE MINING - PALAZUELO WILL ASSUME ROLE OF INDEPENDENT CHAIRMAN
* RED EAGLE MINING - PRIVATE PLACEMENT FOR GROSS PROCEEDS OF ABOUT C$50 MILLION, CONSISTING OF ABOUT 250 MILLION SHARES AT A PRICE OF C$0.20/SHARE