Under a Canadian court action, the sale of Glimmer Resources (GME-V) may proceed.
The General Division of the Ontario Court ruled that the right of first refusal in the Glimmer mine joint-Venture agreement between Glimmer and Exall Resources (EXL-T) did not apply to the takeover of Glimmer by Matachewan Consolidated Mines (MATN-C). In that transaction, George Kent, president of Glimmer, sold his control block in the company to Matachewan.
Exall had referred the joint-Venture agreement to the court for interpretation, while the two companies continued development work on the mine, east of Matheson, Ont.
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