ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

GLM.B Glamis Res Ltd

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
Glamis Res Ltd TSXV:GLM.B TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Glamis Completes Private Placement and Sets Rights Offering Record Date

01/08/2009 12:33am

Marketwired Canada


NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAW.


Glamis Resources Ltd. ("Glamis") (TSX VENTURE:GLM.A) (TSX VENTURE:GLM.B) is
pleased to announce that it has completed the remaining tranche of the
non-brokered unit and share private placement that was announced on July 15,
2009 (the "Private Placement"). Under this final tranche, Glamis has issued an
additional 12,227,577 class A shares ("Class A Share") at a price of $0.38 per
Class A Share and 4,341,190 units ("Units") at a price of $0.38 per Unit. Each
Unit is comprised of one Class A Share and one Class A Share purchase warrant
exercisable for a price of $0.54 subject to certain share performance criteria
being satisfied. Glamis has issued a total of 12,227,577 Class A Shares and
27,137,455 Units pursuant to the Private Placement for aggregate proceeds of
$14,958,712. The Units issued under the Private Placement are subject to
contractual escrow with one-third of the Units being released each year
following issuance. The Class A Shares issued under the Private Placement are
also subject to contractual escrow with one-third of the Class A Shares being
released each six months following issuance.


Glamis has set August 13, 2009 (the "Record Date") as the record date for the
rights offering to the holders of Class A Shares that was announced on July 15,
2009 (the "Rights Offering"). Pursuant to the Rights Offering, each holder of
Class A Shares on the Record Date will receive one transferable right (a
"Right") for every Class A Share held. Every four (4) Rights will entitle the
holder to purchase one Class A Share at a price of $0.38 until the Rights expire
at 4 p.m. (Calgary time) on September 4, 2009 (the "Expiry Date"). There is no
additional subscription privilege and no standby guarantee.


The Class A Shares are expected to commence trading on the TSXV on an ex-rights
basis at the opening of business on August 11, 2009. This means that Class A
Shares purchased on or following August 11, 2009 will not be entitled to receive
Rights under the Rights Offering. At that time, the Rights are expected to be
posted for trading on a "when issued" basis on the TSXV under the symbol
"GLM.A.RT". Trading of the Rights is expected to continue until 10:00 a.m.
(Calgary time) on the Expiry Date.


The holders of the Class A Shares issued pursuant to the Private Placement have
agreed not to participate in the Rights Offering and will not be entitled to
exercise, sell or convey any Rights.  The holders of Class A Shares to be issued
pursuant to the $1.25 bought deal financing and corporate acquisitions announced
by Glamis on July 23, 2009 will not be entitled to participate in the Rights
Offering as those transactions will close subsequent to the Record Date.
Accordingly, a maximum of approximately 6,620,423 Class A Shares (assuming the
exercise of all outstanding options) will be issued pursuant to the Rights
Offering for gross aggregate proceeds of approximately $2.5 million. Glamis will
use the proceeds of the Rights Offering for general corporate purposes.


A rights offering circular, together with rights certificates, will be mailed to
eligible holders of Class A Shares as soon as possible following the Record
Date.  Registered shareholders wishing to exercise their rights must forward the
completed rights certificates along with the applicable funds to the
subscription agent for the Rights Offering, Olympia Trust Company (the
"Subscription Agent"), by the Expiry Date. Shareholders who own their Class A
Shares through an intermediary, such as a bank, trust company, securities dealer
or broker, will receive materials and instructions from their intermediary.


The Rights Offering will be made in all provinces of Canada, except Quebec, and
in such other jurisdictions where Glamis is eligible to make such offering (the
"Qualifying Jurisdictions"). Rights certificates will not be issued and
forwarded by Glamis to holders of Class A Shares not resident in the Qualifying
Jurisdictions. Instead, Rights otherwise issuable to such holders will be issued
to and held by the Subscription Agent, which will use its best efforts to sell
the Rights on behalf of all such holders prior to the Expiry Date and then
forward the net proceeds pro rata to such holders.


Glamis Resources Ltd. is a uniquely positioned, well-capitalized junior oil and
gas company with a proven management team committed to aggressive,
cost-effective growth of light oil reserves and production in Saskatchewan and
Manitoba. Glamis' Class A Shares and Class B Shares trade on the TSX Venture
Exchange under the symbols GLM.A and GLM.B, respectively.


This press release shall not constitute an offer to sell, nor the solicitation
of an offer to buy, any securities in the United States, nor shall there be any
sale of securities mentioned in this press release in any state in the United
States in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.


1 Year Glamis Res Ltd Chart

1 Year Glamis Res Ltd Chart

1 Month Glamis Res Ltd Chart

1 Month Glamis Res Ltd Chart

Your Recent History

Delayed Upgrade Clock