Glamis Resources Ltd.
TSX VENTURE : GLM.A
TSX VENTURE : GLM.B

Glamis Resources Ltd.

September 25, 2009 18:09 ET

Glamis Announces Results of Special Meeting and Conversion of Class B Shares

CALGARY, ALBERTA--(Marketwire - Sept. 25, 2009) - Glamis Resources Ltd. ("Glamis") (TSX VENTURE:GLM.A) (TSX VENTURE:GLM.B) announces that the shareholders of Glamis have voted overwhelmingly in favour of each of the resolutions considered at a special meeting held today. At the meeting, the shareholders elected Jim Nieuwenberg as a director of Glamis and approved a new form of stock option plan. The shareholders also authorized a consolidation of the Class A Shares of Glamis on a 6 to 1 basis, a change of the name from Glamis Resources Ltd. to Legacy Oil + Gas Inc. and a redesignation of the Class A Shares as Common Shares. The consolidation, name change and redesignation of the Class A Shares will be implemented at the discretion of the board of directors of Glamis, and a further press release will be issued at that time.

Jim Nieuwenberg has over 29 years of oil and natural gas industry experience, including positions at Petromet Resources, Norcen Energy and Amoco Canada. Mr. Nieuwenberg is currently a General Partner of Kern Partners, a Calgary based international private equity firm.

Glamis also announces that it will convert all of the outstanding Class B Shares of Glamis into Class A Shares effective October 5, 2009. Each registered holder of Class B Shares as of the close of business on October 5, 2009 will be entitled to receive 5.572 Class A Shares for each Class B Share converted. No fractional Class A Shares will be issued pursuant to the conversion. Where a holder of Class B Shares would otherwise be entitled to a fractional Class A Share, the number of Class A Shares issued to such holder will be rounded up to the next greater whole number of Class A Shares, provided that all Class B Shares held by a beneficial holder shall be aggregated prior to such rounding-up. Glamis will mail a notice of conversion and certificates for the applicable number of Class A Shares to each registered holder of Class B Shares.

The conversion ratio of 5.572 Class A Shares for each Class B Share was determined, in accordance with the articles of amalgamation of Glamis, by dividing $10.00 by $1.7946, being the weighted average trading price of the Class A Shares on the TSX Venture Exchange for the 30 trading days ending September 22, 2009. There are currently 922,500 Class B Shares issued and outstanding. A total of 5,140,170 Class A Shares will be issued pursuant to the conversion. Upon the completion of the conversion, the Class B Shares will be de-listed from the TSX Venture Exchange.

Glamis 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Glamis Resources Ltd.
    Trent Yanko
    President & CEO
    (403) 265-7200
    (403) 265-7150 (FAX)
    or
    Glamis Resources Ltd.
    Matt Janisch
    VP, Finance & CFO
    (403) 265-7200
    (403) 265-7150 (FAX)