Glimmer and Golden Dragon to join forces

A plan of arrangement has been drawn up that will see Canadian Golden Dragon Resources (VSE) absorb all the assets and liabilities of Glimmer Resources (VSE).

Upon recieving shareholder, regulatory and court approvals for the plan, Golden Dragon will buy each of the 3.4 million outstanding Glimmer shares for $1.50 cash plus $3 in Golden Dragon shares, subject to certain adjustments.

Golden Dragon has also agreed to pay Hemlo Gold Mines (TSE) $2.8 million for its 60% interest in the Hislop-Beatty gold property, near Matheson, Ont., before Sept. 15.

Earlier this year, Hemlo announced its intention to sell its interest in the property, situated near Matheson, Ont. Reserves stand at 1.4 million tons averaging 0.29 oz. gold per ton, equating to 441,000 oz.

In addition to owning Hislop-Beatty, the combined companies also hold interests in several advanced gold exploration projects in Ontario and Quebec.

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