NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, Feb. 24, 2012 /CNW/ - Global Minerals Ltd. (the "Company") (TSXV: CTG) is pleased to announce a non-brokered private placement
pursuant to which the Company will issue an aggregate of approximately
17.8 million units (the "Units") at a price of $0.45 per Unit to raise gross proceeds of $8 million
Esperanza Resources Corp. has committed to purchase $1.5 million of the
financing. Esperanza, affiliates of Sprott Inc., and clients of Sprott
Private Wealth have in aggregate committed to purchase $5.5 million.
Each Unit will consist of one common share of the Company (each, a "Share") and one common share purchase warrant of the Company (each, a "Warrant"). Each Warrant will entitle the holder to acquire an additional Share
for a period of two years following the date of issuance of the Units
at a price of $0.75 per Share. The expiry date of the Warrants will be
subject to acceleration at the Company's discretion such that, should
the daily volume weighted average trading price of the Shares on the
TSX Venture Exchange (or such other stock exchange on which such shares
are listed) exceeds $0.90 for ten consecutive trading days during the
term of the Warrant, the Company may notify the holders of the Warrants
that the Warrants will expire on the 20th day after such notice is given unless exercised before such date. The
right of the Company to effect an accelerated expiry of the Warrants
will commence four months and one day after the date of issuance of the
The Financing is subject to TSX Venture Exchange approval and all
securities will be subject to a four month resale restriction. The
Company may pay a finder's fee in connection with the Financing.
The proceeds from the Financing will be used to further the development
of the Strieborná project and for general working capital.
Global Minerals Ltd. is a Canadian exploration and development company
focused on developing its high-grade silver, copper, antimony deposit
in Slovakia. Global is 32% owned by Esperanza Resources Corp. whose
principals were previously familiar with the Streiborná Project and are
now involved in supervising the technical programs and future
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 of the adequacy or accuracy of this release.
This press release does not constitute an offer to sell or solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act")
or any state securities laws and may not be offered or sold within the
United States or to a U.S. Person unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
SOURCE Global Minerals Ltd.
For further information:
For further information about Global please visit www.globalminerals.com or contact Ms. Lubica Parilakova, Investor Relations, at (604) 669-2355 or email@example.com or Mr. William Pincus, the Chief Executive Officer, at (303) 803-0988 or firstname.lastname@example.org.