Glamis Resources Ltd.

Glamis Resources Ltd.

July 20, 2009 22:54 ET

Glamis Resources Ltd. Announces Shareholder Consent and Change of Management

CALGARY, ALBERTA--(Marketwire - July 20, 2009) -


Glamis Resources Ltd. ("Glamis") (TSX VENTURE:GLM.A) (TSX VENTURE:GLM.B) is pleased to announce that it has received the written consent of a majority of its shareholders to its previously announced $15.6 million non-brokered unit and share private placement (the "Private Placement").

Glamis is also pleased to announce that it has today closed an initial tranche of the Private Placement, issuing an aggregate of 22,796,265 units at a price of $0.38 per unit for gross proceeds of $8,662,580.70 to the new directors and officers of Glamis. Each unit is comprised of one Class A Share of Glamis and one Class A Share purchase warrant of Glamis exercisable for a price of $0.54 subject to certain share performance criteria being satisfied. Glamis will close the remaining portion of the Private Placement at a future date, currently anticipated to be July 31, 2009. The Private Placement remains subject to the final approval of the TSX Venture Exchange.

Finally, Glamis is also pleased to announce that, following the completion of the initial tranche of the Private Placement today, the previously announced change of directors and officers of Glamis was completed. The board of directors of Glamis is now comprised of Paul Colborne as Chairman, Trent Yanko, James Pasieka, Randal Brockway, James Bertram and Scott Dawson. The senior officers of Glamis are now comprised of Trent Yanko as President and Chief Executive Officer, Matt Janisch as Vice-President, Finance and Chief Financial Officer, Curtis Labelle as Vice-President, Production, and Dale Mennis as Vice-President, Land.

Note Regarding Forward Looking Statements

This document contains forward-looking statements. More particularly, this document contains statements concerning the completion of the remaining portion of the Private Placement.

The forward-looking statements are based on certain key expectations and assumptions made by Glamis, including expectations and assumptions concerning timing of receipt of required regulatory approvals and third party consents and the satisfaction of other conditions to the completion of the remaining portion of the Private Placement.

Although Glamis believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Glamis can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks that required regulatory and third party approvals and consents are not obtained on terms satisfactory to the parties and risks that other conditions to the completion of the Private Placement are not satisfied on anticipated timelines or at all.

The forward-looking statements contained in this press release are made as of the date hereof and Glamis undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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)
    Glamis Resources Ltd.
    Matt Janisch
    Vice President Finance & CFO
    (403) 265-7200
    (403) 265-7150 (FAX)
    Glamis Resources Ltd.
    440, 333 - 5th Avenue SW
    Calgary, AB T2P 3B6