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GLR to move quickly to sell Goldfields assets - Santa Fe action dismissed

An Ontario Superior court decision has paved the way for Kirkland Lake-based GLR Resources Inc to close on the sale of its Goldfields assets in Uranium City, Sask. to Linear Gold Corp. as quickly as possible.
Northern Ontario Business Staff

 
An Ontario Superior court decision has paved the way for Kirkland Lake-based GLR Resources Inc to close on the sale of its Goldfields assets in Uranium City, Sask. to Linear Gold Corp. as quickly as possible.

The July 3 court decision dismissed a motion by Santa Fe Metals Corp. to block the sale of GLR's Goldfields project to Linear.

The motion was dismissed as a result of Santa Fe's failure to meet the requirement to post US$5 million in escrow by July 2.

Santa Fe has filed a proof of claim in the amount of $33.6 million with the trustee, Paddon and Yorke Inc., in connection with GLR's proposal. GLR believes the claim is without merit and will seek to have the Santa Fe claim disallowed in its entirety.