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

Glamis Resources Ltd.

March 20, 2008 12:11 ET

Glamis Closes Previously Announced Financing

CALGARY, ALBERTA--(Marketwire - March 20, 2008) -

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

Glamis Resources Ltd. ("Glamis" or "the Company") (TSX VENTURE:GLM.A) (TSX VENTURE:GLM.B) is pleased to announce that it has closed its previously announced private placement of Class A Shares and Class A Shares issued on a "flow-through" basis ("Flow Through Shares"). The private placement was fully subscribed and resulted in the issuance of 3,480,000 Class A Shares at a price of $1.15 per share, and 1,430,000 Flow Through Shares at a price of $1.40 per share, for aggregate gross proceeds of $6,004,000. GMP Securities L.P. acted as lead agent for a syndicate which included Northern Securities Inc.

Proceeds from the offering will be used for general corporate purposes and to incur qualifying expenditures to fund the Company's ongoing drilling program in its core focus areas. The shares issued under the private placement will be subject to a four month hold period expiring on July 21, 2008.

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. The Company's Class A shares and Class B shares trade on the TSX Venture Exchange under the symbols GLM.A and GLM.B.

Forward-Looking Statements: This news release 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. Furthermore, the forward looking statements contained in this news release are made as at the date of this news release and Glamis does not undertake any obligation to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

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.
    Mr. Brent McKercher
    President & Chief Executive Officer
    (403) 265-7200 ext. 222
    (403) 265-7150 (FAX)
    Email: brentm@glamisresources.ca
    or
    Glamis Resources Ltd.
    Mr. Darwin Little
    Vice President, Finance & Chief Financial Officer
    (403) 265-7200 ext. 225
    (403) 265-7150 (FAX)
    Email: darwinl@glamisresources.ca