Glimmer Receives Favourable Decision From Court.TORONTO--(BUSINESS WIRE)--July 25, 1997--Glimmer Resources In(VSE See DOS/VSE. VSE - Virtual Storage Extended GME GME granulomatous meningoencephalitis. GME Graduate medical education, see there .) Matachewan Consolida(CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. MATN MATN Matrilin MATN Main/Alternate Telephone Number (ISDN BRI) .) Glimmer Resources Inc. ("Glimmer") and Matachewan Consolidated Mines, Limited ("MCML") wish to announce a decision in their favour by the Ontario Court (General Division) on July 23, 1997. The ruling concerns a Notice of Application filed by Exall Resources Limited ("Exall") in March 1997 against Glimmer, MCML and George R. Kent seeking a declaration that the purchase by MCML of common shares of Glimmer in January 1997 was in breach of a right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. in a joint venture agreement between Glimmer and Exall. The Court's decision declares that the purchase did not breach the right of first refusal. Costs of the application were awarded to Glimmer. The Glimmer Mine located in Hislop and Beatty Townships near Matheson, Ontario, scheduled to begin commercial during the third quarter of 1997 produced in excess of 3,000 oz. of gold during the month of June 1997. Glimmer is a mining and mineral exploration company which is an interest holder in the Glimmer Mine. Glimmer is also exploring and reviewing prospects in Ontario, Yukon Territory and the United States. MCML is a mining and exploration company trading on the Canadian Dealing Network. The Corporation has 6,522,625 common shares issued and outstanding to-gether with 5,383,992 Special Warrants. -0- The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). neither approves nor disapproves of the information contained herein. CONTACT: Glimmer Resources Inc./Matachewan Consolidated Mines, Ltd. Richard D. McCloskey, 416/364-2173 |
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