A private placement of just over a million shares will allow Glimmer Resources (GME-V) to meet cash calls for development work at the Glimmer project in Hislop Twp., east of Matheson, Ont.
Glimmer and Exall Resources (EXL-T) are currently driving a decline at the Glimmer property, and, under the joint-venture agreement, Glimmer may meet cash calls for its share of expenditures (currently 34%) or have its share of the project diluted.
Matachewan Consolidated Mines is paying $1 million for the private placement and has also agreed to buy a further 1.25 million shares (now held by Glimmer’s president, George Kent) over a 2-year period. Completion of the purchase will shift effective control of Glimmer to Matachewan Consolidated.
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