On May 3rd 2006 Glamis Gold has announced
the closing of Western Silver transaction. As a result of the
arrangement, Western Silver Corporation is now a wholly-owned
subsidiary of Glamis.
As a result to this financial operatation,
any shareholder who have purchased Western Silver shares prior to
that time will receive, for each Western Silver share held, 0.688
shares of Glamis Gold and one share of Western Copper Corporation,
a newly created company which will hold the Carmacks Copper
Project, an early-stage exploration project in Mexico and
approximately $38 million in cash.
In our portfolios, this transaction has
resulted in the sale of Western Silver Corporation on its last
trading day i.e. May 4th 2006.
We then recommend to sale the two new
shares (Glamis Gold, ticker GLG and Western Copper, ticker to
be annonced) received in exchange of the Western Silver share.
The following document is a copy of the
press release which gives more detail about the transaction:
Western Silver Shareholders Vote in
Favour of Glamis Gold Transaction
Monday May 1, 1:42 pm ET
VANCOUVER, BRITISH COLUMBIA--(MARKET
WIRE)--May 1, 2006 -- Western Silver Corporation (TSX:WTC.TO -
News)(AMEX:WTZ - News) announced that the Plan of Arrangement
between Western Silver and Glamis Gold Ltd. (TSX:GLG.TO - News)
(NYSE:GLG - News) has been overwhelmingly approved by more than
99% of votes cast by the Western Silver shareholders at a special
meeting held today in Vancouver, Canada.
Final court approval of the Arrangement
will be sought on May 2, 2006. Assuming that approval is received,
it is expected that the transaction will be completed on May 3,
2006 and the shares of Western Silver will cease to trade on the
Toronto Stock Exchange ("TSX") and the American Stock Exchange on
or about May 4, 2006. Any shareholders who have purchased Western
Silver shares prior to that time will receive, for each Western
Silver share held, 0.688 shares of Glamis Gold and one share of
Western Copper Corporation, a newly created company which will
hold the Carmacks Copper Project, an early-stage exploration
project in Mexico and approximately $38 million in cash.
Information with respect to Western Copper
Corporation can be found in the information circular prepared for
the meeting, and in a technical report on the Carmacks Copper
project. Both of these documents have been filed on SEDAR and both
are also available on the Company's web site at
www.westernsilvercorp.com. Western Copper has received conditional
approval for the listing of its common shares on the TSX, subject
to fulfilling all the listing requirements of the TSX.
On behalf of the board,
F. Dale Corman, Chairman and C.E.O.