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Gold/Mining/Energy : Exall Resources/Glimmer Resources -- Ignore unavailable to you. Want to Upgrade?

To: Winzer who wrote (909)	4/25/1999 1:07:00 PM
From: James N. Wilson	Read Replies (1) \| Respond to of 1319

Winzer - Exall's is using every stall method in the book it would appear. Their excuse is pure hogwash!! In Sept 1996 due to a delay in the closing of a Private placement Exall reduced Glimmer's percent in the project. Nothing said about 12 months to catch up for Glimmer at the time. Exall shareholders should call for an emergency meeting and replace the current management. This can not go on. EXALL's ARGUEMENT (EXCUSE)" Exall argued that the determination of whether a party had failed to make its required contribution could only occur at the end of a 12-month work plan and not monthly. This argument was rejected by the Court of Appeal. The Court of Appeal also affirmed the February 1998 order of Justice Rosenberg that directed that Exall was not entitled to catch up or increase its participating interest by overcontributing cash to the joint venture in subsequent periods was dismissed. Costs were awarded to Glimmer. ---------------------------------- Wednesday Oct 2 1996 Mr George Kent reports The company paid Exall Resources $351,296, its 33% portion of the October cash call for underground exploration of the joint ventured Glimmer mine in Hislop Township, Ontario. The funds were raised by First Delta Securities of Toronto, under an agency agreement signed September 20 1996 whereby First Delta secured the minimum of $495,000 and is completing the private placement to a maximum of $750,000. The offering in Ontario consists of 50 units at a price of $15,000 per unit with each unit consisting of 15,000 common shares. The funds paid to Exall in trust are fully deductible as a 1996 Canadian exploration expense. If the units are all exercised there will be 4,240,143 shares issued, fully diluted. Glimmer announced in Stockwatch September 3 1996 that it had been diluted to a 33% interest in the joint venture. Exall did not spend 80% of the August and November cash call as required by agreement and consequently Glimmer will seek full restoration of its original 40% participating interest. A 15% fee on all costs being levied by Exall is also being questioned.