Glimmer Update/New Release. Note the mention of Michael T Zurowski P. Eng. at the end of the NR.
Also notice the recent action on the Matchewan(YMT.A) which hit a high of 18c today, until some profit taking set in. What is the reason for the positive price action here? Keep on chugging!
Maybe they should have halted this YMT.A also and made an announcement before they get nailed by the "insider trading police".
At Least Glimmer (by being halted) is Not "Exposed to the Correction in the Golds" Presently Underway .
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HEADLINE
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Glimmer shareholders to vote on business combination
2003-12-11 12:55 ET - News Release
Mr. R. McCloskey reports
Glimmer Resources and Baffinland Iron Mines Limited have rescheduled the special meeting of Glimmer shareholders, originally scheduled to be held on Dec. 18, 2003, to Jan. 15, 2004. As previously announced, the following items of business, among others, will be considered and voted upon by shareholders of Glimmer:
the amendment to the articles of incorporation of Glimmer pursuant to which Glimmer will change its name to Baffinland Iron Mines and consolidate its common shares on the basis of one New Baffinland common share for every three Glimmer common shares; and
the business combination between Glimmer and Baffinland which will involve the amalgamation of Baffinland and a wholly owned subsidiary of Glimmer, pursuant to which Baffinland common shares will be exchanged for New Baffinland common shares on the basis of four New Baffinland common shares for every three Baffinland common shares, the effect of which will be a reverse takeover of Glimmer.
A special meeting of Baffinland shareholders is expected to take place on or about Dec. 18, 2003. The following items of business will be considered and voted upon by shareholders of Baffinland:
the amendment to the articles of incorporation of Baffinland to increase the authorized capital;
the amalgamation; and
the business combination.
Baffinland also announces a private placement of up to 3.75 million Baffinland flow-through common shares at a price of 80 cents per flow-through share, for gross proceeds of up to $3-million, which is expected to close on or about Dec. 19, 2003. Upon the completion of the business combination on or about Jan. 15, 2004, the flow-through shares will be exchanged for common shares of New Baffinland based on the exchange ratio. This equates to the Baffinland offering being made at a price of 60 cents per postconsolidation New Baffinland common share. The proceeds will be used primarily to finance exploration of the Mary River iron ore deposits located on Baffinland's Baffin Island property.
The Baffinland offering is in addition to the previously announced private placement by New Baffinland of up to $2.5-million of New Baffinland common shares at a price of 40 cents per common share, which is expected to close on or about Dec. 16, 2003, subject to regulatory approval.
In its 43-101 Report, "A Review of the Mary River Iron Ore Deposit Project, Baffin Island, Nunavut," dated November, 2003, Strathcona Mineral Services Limited estimated the inferred resource of the Mary River No. 1 Deposit within the limits of the open pit designed by Watts Griffis and McOuat Limited in 1965. The estimate totals 140.7 million tonnes, which consists of 133.8 million tonnes with a grade of 66.8 per cent Fe, 1.7 per cent SiO2 and 0.12 per cent S and 6.9 million tonnes of internal waste. Included in the total is a low-sulphur resource (0.03 per cent S) of 85.5 million tonnes. The resource estimate is in accordance with section 1.3 and 1.4 of the National Instrument 43-101. Strathcona Mineral Services is an independent qualified person, as defined by the NI 43-101.
The inferred resource estimate for the No. 1 deposit made by Watts, Griffis and McOuat in 1965, included a low-sulphur resource of 108.3 million tonnes grading 68.4 per cent Fe, 0.8 per cent SiO2 and 0.03 per cent S, and a high-sulphur resource of 35.4 million tonnes grading 63.9 per cent Fe, 3.2 per cent SiO2 and 0.34 per cent S. Strathcona explains the differences in the estimates by stating, "We have not used the exact same boundaries of the oxide zone shown on the WGM sections, which is probably the main reason for the tonnage difference in the two estimates." The resource estimate is in accordance with section 1.3 and 1.4 of the National Instrument 43-101.
The inferred mineral resource estimate completed by Watts Griffis and McOuat Limited in 1965 and by Strathcona Mineral Services Limited in 2003 are discussed in the above-referred technical report, dated November, 2003, that will be filed on Sedar under National Instrument 43-101 and are compliant with those terms ascribed by the Canadian Institute of Mining, Metallurgy and Petroleum, as the CIM Standards on Mineral Resources and Reserves Definitions and Guidelines, dated Aug. 20, 2000. The company's qualified person is Michael T Zurowski, PEng, who has reviewed the press release and endorses the technical disclosure.
Comments?
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