Global Minerals Arranges $2 Million Loan Financing

    Funds will be used for the development of the Streiborna Vein Deposit

    VANCOUVER, July 9 /CNW/ - Global Minerals Ltd. (TSX: CTG) (FRANKFURT:
DFP) is pleased to announce that it has engaged Investec Bank (UK) Limited
("Investec") to provide a convertible promissory note of up to US$2,000,000.
Investec's commitment is subject to completion of due diligence and formal
documentation and Investec's final internal approvals. This strategic funding
will provide Global Minerals with timely working capital to meet its
short-term needs as it pursues opportunities for long-term financing.
    The loan will be used by Global Minerals primarily for expenditures
related to its Strieborna project. The proceeds will allow the Company to part
finance the pre-feasibility study and permitting related to the Streiborna
polymetallic project in Slovakia, and to provide working capital.
    The Company entered into a Mandate Letter and Indicative Term Sheet with
Investec, to finalize the convertible loan facility in the principal amount of
up to US$2,000,000. The loan will bear interest at the rate of USD Libor plus
10% per annum, with interest payable quarterly, in arrears. It is expected
that the facility will be repaid in full upon the earlier of any capital
raising by Global Minerals in the 12 months following the date of the facility
agreement or first drawdown of a senior project finance facility. Investec
will have the right to exchange all or part of the outstanding principal under
the facility into common shares of Global Minerals by way of detachable
warrants, at a conversion price equal to 120% of the average of the
volume-weighted daily closing price of Global Minerals' shares on the TSX
Venture Exchange for the 20 trading days preceding and including the date of
acceptance of the Term Sheet. The conversion terms are subject to Exchange
acceptance. If Global Minerals' common shares trade at a price 180%, 200% or
220% greater than the conversion price for 20 consecutive trading days, the
Company will have the option to force exercise of the 25%, 50% and 25% of the
warrants, respectively.
    Investec will receive an arranging fee of 5% of the debt facility 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 facility
    Investec will have the first right of refusal on arranging the Company's
future funding needs for the Streiborna project.

    -   Current NI 43-101 compliant resource calculation, completed by an
        independent consulting firm AMC Pty Ltd., estimated a current
        resource (measured and indicated) of 1.925 M tonnes at 231.7 g/t
        Silver, 1.1% Copper, 0.7% Antimony and 33.65% Fe
    -   Slovakia: politically stable environment for mining operations (EU
        member since 2004)
    -   Located near the historic mining town of Roznava in south eastern
    -   GTG has a 60% interest, and its Slovak partners PIDECO hold 40%.
    -   CTG can earn an additional 10% through the expenditure of US$ 2M over
        two years
    -   CTG can increase its interest in the project to purchase the
        remaining JV share of the project for $2MM for each additional 10%
    -   Excellent existing infrastructure, including rail, power and road

    About Investec Bank

    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 6000 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 Investment
    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 20% of the equity share capital of the

    About Global Minerals

    Global Minerals Ltd. (CTG: TSX.V) 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

    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 (416) 907-6287 or email at

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