The president of Glimmer Resources (VSE), George Kent, and the company have negotiated a $200,000 placement of 172,500 flow-through shares and 77,500 common shares at 80 cents per share.
The share price is 20% below the Aug. 4 closing price. The placement also includes warrants to buy 250,00 shares over two years, with a 15% price increase if exercised after one year.
Assuming regulators approve the placement, Glimmer plans to spend $129,000 of the proceeds to explore its joint-ventured Hislop Twp. gold property in northeastern Ontario.
It has also signed an option agreement with E.J. Shannon to acquire four claims in Hislop Twp., southeast of the joint-venture project.
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