Flag Resources in deal with Golden Briar

In a private placement, Calgary- based Golden Briar Mines (ME) has issued one million shares from treasury to Flag Resources (ASE) as payment for $150,000 owed to Flag by Golden Briar. Golden Briar President M.C. McLeod said the placement price of 15 cents per share represents a premium above the market price as of the date of the agreement. Flag now owns about 1.4 million shares of Golden Briar.

Also, in early August, a major Golden Briar shareholder and a private investor acquired 700,000 and 200,000 shares, respectively, of Golden Briar, at 7 cents per share, from the Perpetual Mutual Fund Group of Ottawa.