VANCOUVER, Sept. 4 /CNW/ - Global Minerals Ltd. (TSXV: CTG) (OTCBB:
GMLFF) (FRANKFURT: DFP) ("Global Minerals" or the "Company") is pleased to
announce that it has closed and completed the second and final drawdown
(US$1,250,000) of the US$2,000,000 convertible loan facility with Investec
Bank (UK) Limited (LONDON: INVP) (JOHANNESBURG: INP) ("Investec"). The Company
completed its initial drawdown of US$750,000 on August 15, 2008.
The loan will be used by Global Minerals primarily for expenditures
related to its Strieborna polymetallic project in Slovakia. The proceeds will
allow the Company to part finance the pre-feasibility study and permitting
related to the Streiborna project, and to provide working capital.
The loan will bear interest at the rate of USD Libor plus 10% per annum,
with interest payable quarterly, in arrears. The loan must be repaid in full
upon the earlier of (i) August 15, 2009; (ii) the date of the initial drawdown
under a senior project finance facility proposed to be arranged by Investec
for Global Minerals or its subsidiary; (iii) the closing date of any capital
raising by Global Minerals in excess of US$2,000,000 in any single raising or
in aggregate over a period of 6 months, be it by issue of stock or debt.
Pursuant to transferable share purchase warrants issued to Investec on
August 15, 2008, the warrantholder has the right to purchase up to 13,477,334
common shares of Global Minerals at a price of CDN$0.15 per share until
August 15, 2009. Investec as Warrantholder may also set off the purchase price
for the warrant shares against all or part of the outstanding principal under
the promissory note. If the Company's common shares trade at a price 180%,
200% or 220% greater than the exercise price of the warrants for 20
consecutive trading days, Global Minerals will have the option to force
exercise of the 25%, 50% and 25% of the warrants, respectively.
On August 15, 2008, Investec received an arranging fee of 5% of the
principal amount of the loan payable in cash or, subject to the acceptance of
the TSX Venture Exchange, the equivalent value in the Company's common shares
on the earlier of the first drawdown under the debt facility and one month
after signing of the promissory note for the first drawdown.
The Company has granted Investec the first right of refusal to arrange
the Company's future funding needs for the Streiborna project.
Investec is located at 2 Gresham Street, London, EC2V 7QP, United
Kingdom. For further information, please go to the Global Minerals profile on
the SEDAR website www.sedar.com or contact Investec at +44 20 7597 4000.
About Investec Bank
Investec Commodities and Resource Finance ("Investec Resources") is an
industry focused specialist finance and investment banking team that forms
part of the Capital Markets division of the Investec Group. As an
international team with representation in Johannesburg, London, Perth and
Sydney, Investec Resources' activities span the debt-equity spectrum, focusing
on Precious and Base Metals, Minerals, Oil and Gas and Emerging and Developed
The teams provide financing to junior and mid-tier mining companies that
develop, expand or acquire projects in emerging and developed markets across
the globe. They are also able to advise, implement and execute hedging and
structured derivative solutions in the precious and base metal markets. To
support its role in this arena, Investec Resources is a Category 2 clearing
member of the London Metal Exchange, and member of the London Bullion Market
Association and London Platinum and Palladium Market. It also invests in
mining projects at a late exploration or pre-feasibility study stage. These
investments can be taken on a proprietary basis or through the
Blackfish-Investec Resources Special Situations Fund.
Investec Resources has an established competitive advantage as a result
of their significant technical skills, major transactional track record and
their ability to provide total solutions. Investec Resources' partnerships
with other teams in the Investec group result in an entrepreneurial approach
to strategy, creation of unique opportunities, creativity and rapid closure of
Investec is an international specialist banking group that provides a
diverse range of financial products and services to a niche client base in
three principal markets, the United Kingdom, South Africa and Australia as
well as certain other countries. The group was established in 1974 and
currently has approximately 6300 employees.
Investec focuses on delivering distinctive profitable solutions for its
clients in five core areas of activity namely, Private Client Activities,
Capital Markets, Investment Banking, Asset Management and Property Activities.
In July 2002 the Investec group implemented a dual listed company
structure with listings on the London and Johannesburg Stock Exchanges.
Management and staff own approximately 15% of the equity share capital of the
At 31 March 2008, total shareholders' equity was (pnds stlg)2.2 billion,
third party assets under management were (pnds stlg)54.2 billion and core
loans and advances were (pnds stlg)12.8 billion. The combined group's current
market capitalisation is approximately (pnds stlg)2.4 billion.
About Global Minerals Ltd.
Global Minerals Ltd. (TSXV: CTG) (OTCBB: GMLFF) (FRANKFURT: DFP) focuses
on the development of advanced-stage, highly profitable, mid-size ore bodies
while continuing to explore for world-class gold and silver deposits in
geopolitically stable countries. The experienced management team has
accumulated several exploration projects, operates one producing mine and is
focusing its efforts on the world-class Strieborna silver vein in Slovakia.
Please visit our website www.globalminerals.com
Global Minerals Ltd.
"George W. Heard"
George W. Heard
President and CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy of this news release.
For further information:
For further information: do not hesitate to contact Mr. Derek
Sutherland, Head of Investor Relations, at (778) 786-1531, or email at