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

Glamis Resources Ltd.

March 20, 2007 14:26 ET

Glamis Announces $3.0 Million Flow Through Financing

CALGARY, ALBERTA--(CCNMatthews - March 20, 2007) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OR TO U.S PERSONS.

Glamis Resources Ltd. ("Glamis") (TSX VENTURE:GLM.A) (TSX VENTURE:GLM.B) is pleased to announce that it has entered into an agreement with Acumen Capital Finance Partners Limited ("Acumen") to issue up to 3,333,334 Class A Shares on a flow-through basis, by way of private placement at a price of $0.90 per share, for gross proceeds of up to $3,000,000. Glamis has also agreed to grant Acumen an over-allotment option, exercisable prior to closing, to issue up to an additional 1,111,111 Class A Shares on a flow-through basis at the same price, for additional gross proceeds of $1,000,000. Acumen will act as lead agent for a syndicate which includes GMP Securities L.P.

Proceeds from the offering will be used to incur qualifying expenditures to fund the Company's ongoing exploration drilling program in its core focus areas.

Closing of the offering is expected to occur on or about April 11, 2007, and is subject to the receipt of all requisite regulatory and stock exchange approvals. The flow through shares will be subject to a four month hold period from the date of closing of the private placement.

Glamis Resources Ltd. is a junior oil and gas company formed to generate and develop its own prospects, acquire oil and gas properties and participate with joint venture partners in oil and gas exploration and development in the Western Canadian Sedimentary Basin. Glamis' Class A Shares and Class B Shares trade on the TSX Venture Exchange under the symbols GLM.A and GLM.B. There are presently 12,200,000 Class A Shares and 922,500 Class B Shares outstanding.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The shares offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

Forward Looking Statements: This document contains statements about future events that are forward looking in nature and as a result are subject to certain risks and uncertainties such as changes in plans or the occurrence of unexpected events. Actual results may differ from the estimates provided by management.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement.

Contact Information

  • Glamis Resources Ltd.
    Brent McKercher
    President & Chief Executive Officer
    403) 265-7200 ext. 222
    (403) 265-7150 (FAX)
    Email: brentm@glamisresources.ca
    or
    Glamis Resources Ltd.
    Darwin Little
    Vice President, Finance & Chief Financial Officer
    (403) 265-7200 ext. 223
    (403) 265-7150 (FAX)
    Email: darwinl@glamisresources.ca