Glimmer Annual Meeting on July 30th, 2002 - Slow but On track; Did not give a date for the resumption of trading, I guess it will happen after July 30?
Glimmer to trade sell namesake mine to Int'l Pursuit
Glimmer Resources Inc GME
Shares issued 6,098,962
Wed 26 Jun 2002 News Release
Mr. R.D. McCloskey reports
GLIMMER SELLS INTEREST IN GLIMMER MINE JOINT VENTURE
Effective May 30, 2002, Glimmer Resources signed an agreement with
International Pursuit (IPJ) whereby IPJ agreed to acquire a 100-per-cent
interest in the Glimmer mine (and all related property and assets) owned by
Glimmer (48 per cent) and its joint venture partner Exall Resources Ltd.
(52 per cent).
The total purchase price for the Glimmer mine (and all related property and
assets) consists of the following components:
non-refundable deposit on signing -- $100,000;
cash on closing -- $3,059,200;
shares on closing -- two million common shares of Apollo Gold Corp., a
company being formed under a proposed plan of arrangement between IPJ and
Nevoro Gold Corp.; and cash on resumption of production levels of 500 tonnes per day for a minimum
of 30 consecutive days -- $3-million. The total purchase price will be divided among Glimmer and Exall in
proportion to their respective interests in the Glimmer mine.
The transaction is expected to close on or before July 31, 2002, subject to
satisfaction of all closing conditions, including shareholder approval and
compliance with the Bulk Sales Act (Ontario). Glimmer has called an annual
and special meeting of shareholders for July 30, 2002, for the purpose of
obtaining shareholder approval for the proposed sale.
Effective Dec. 6, 2001, the directors of Glimmer authorized R.D. McCloskey
to manage the business and affairs of Glimmer. All of the directors and
officers of Glimmer resigned their positions with Glimmer effective Dec. 7,
2001. The shareholders of Glimmer will be asked to elect new directors at
the annual and special meeting of shareholders to be held on July 30, 2002.
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