Global Minerals Completes Second and Final Drawdown in $2 Million Loan Financing with Investec Bank (UK) Limited

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[{"type":"text","content":"\n\n\n\nVANCOUVER, Sept. 4 /CNW/ - Global Minerals Ltd. (TSXV: CTG) (OTCBB:\nGMLFF) (FRANKFURT: DFP) ("Global Minerals" or the "Company") is pleased to\nannounce that it has closed and completed the second and final drawdown\n(US$1,250,000) of the US$2,000,000 convertible loan facility with Investec\nBank (UK) Limited (LONDON: INVP) (JOHANNESBURG: INP) ("Investec"). The Company\ncompleted its initial drawdown of US$750,000 on August 15, 2008.\n\n\nThe loan will be used by Global Minerals primarily for expenditures\nrelated to its Strieborna polymetallic project in Slovakia. The proceeds will\nallow the Company to part finance the pre-feasibility study and permitting\nrelated to the Streiborna project, and to provide working capital.\n\n\nThe loan will bear interest at the rate of USD Libor plus 10% per annum,\nwith interest payable quarterly, in arrears. The loan must be repaid in full\nupon the earlier of (i) August 15, 2009; (ii) the date of the initial drawdown\nunder a senior project finance facility proposed to be arranged by Investec\nfor Global Minerals or its subsidiary; (iii) the closing date of any capital\nraising by Global Minerals in excess of US$2,000,000 in any single raising or\nin aggregate over a period of 6 months, be it by issue of stock or debt.\nPursuant to transferable share purchase warrants issued to Investec on\nAugust 15, 2008, the warrantholder has the right to purchase up to 13,477,334\ncommon shares of Global Minerals at a price of CDN$0.15 per share until\nAugust 15, 2009. Investec as Warrantholder may also set off the purchase price\nfor the warrant shares against all or part of the outstanding principal under\nthe promissory note. If the Company's common shares trade at a price 180%,\n200% or 220% greater than the exercise price of the warrants for 20\nconsecutive trading days, Global Minerals will have the option to force\nexercise of the 25%, 50% and 25% of the warrants, respectively.\n\n\nOn August 15, 2008, Investec received an arranging fee of 5% of the\nprincipal amount of the loan payable in cash or, subject to the acceptance of\nthe TSX Venture Exchange, the equivalent value in the Company's common shares\non the earlier of the first drawdown under the debt facility and one month\nafter signing of the promissory note for the first drawdown.\n\n\nThe Company h...

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