On Friday July 12th, there was finally a "correction"
For MCS there was 22k changing hands, with 16 being picked up by JG and 6k by Versus. With no net change at the end of the day. Again JG showing their interest in doing some "accumulation" of MCS.
For YMT.A DS sold 11k which was picked up by Gundy. Finally, there was a 2c (~20%) correction.
Finally got my "Special Meeting" packages from GME & EXL. The Key voting points for GME are:
1. The nominees proposed by management to act as directors of the corporation, each to hold office until his successor is elected at the next annual meeting of the corporation, or any adjournment thereof, or until his successor is otherwise elected or appointed.
2. A resolution reappointing Brodeur Dennis to act as auditors of the corporation, and to authorize the directors to fix their remuneration.
3. Aa special resolution authorizing the sale of the major asset of the corporation, being its forty eight (48) percent
interest in the Glimmer Mine business, to Apollo Gold Corporation, all as more particularly set forth and described in the management information circular accompanying the notice of meeting.
The Key Voting Point for EXL is:
1. The special resolution authorizing the corporation to enter into a purchase and sale agreement among the corporation, Glimmer Resources Inc, and International Pursuit Corporation under which the corporation would dispose of its interest in the Glimmer Mine Joint Venture and the property and its related assets.
In the MD&A GME - Outlook Section, "the shares of the corporation are presently under a cease trade order due to Glimmer being delinquent in its filings. This situation is at present being rectified and, with the successful closing of the sale of the Glimmer Mine, it is anticipated that Glimmer Resources Inc will be put back into a VERY POSITIVE liquidity position" pretty strong words are bolded. Note in the risks and uncertainties section is the standard CYA clause regarding the fact that, " ......the closing of the sale is the major risk and uncertainty that the Corporation presently has". So stay tuned to July 31, 2002. Some analysts are saying that while the expect the POG to correct back to $US 300, the long term supply/demand picture looks positive for an increase in the long term.
Winzer |
