TSX Venture Exchange
Symbol: CTG
Frankfurt Exchange
Symbol: DFP
VANCOUVER, Jan. 31 /CNW/ - Global Minerals Ltd. (TSX.V: CTG, FRANKFURT:DFP) (the "Company") is pleased to announce that it has negotiated a brokered private placement for gross proceeds of up to $3,000,000 through the issuance of 15,000,000 common shares, on a best efforts basis, with Dominick & Dominick Securities, Inc., of Toronto, Canada (the "Agents"). The financing will consist of the issuance of units ("Units") at $0.20 per common share in the capital stock of the Company. Each Unit will be comprised of one common share (a "Share") and one-half of one common share purchase warrant (a "Warrant"), and each Warrant will entitle the holder to purchase one additional common share at the price of $0.30 for a period of 24 months following the closing.
The Agents will receive a cash commission on the sale of the Units representing 7% of the gross proceeds. The Company will also issue share purchase warrants to the Agents on closing (the "Agents' Warrants") representing 10% of the number of Units sold under the Offering. Each Agent Warrant will entitle the holder thereof to purchase one unit of securities of the Company (an "Agent's Unit") at $0.20 per unit for an 18-month period following the closing of the Offering.
The proceeds of the financing will be used by the company for the continued exploration and development of its Colorado operations and its Streiborna high grade Silver mine project and for general working capital.
The financing is subject to acceptance by the TSX Venture Exchange.
About Global Minerals
Global Minerals' business model is to acquire attractive, near-term producing assets while continuing to explore for world-class gold and silver mineral deposits in geopolitically stable countries.
The company occupies a market niche by focusing on the development of advanced-stage, high grade, mid-tier sized ore bodies. This segment of the mining industry has been abandoned by the major mining companies in their quest for "World Class" mineral deposits.
About Dominick & Dominick Securities, Inc.
Dominick & Dominick Securities, Inc., an affiliate of Dominick & Dominick of New York, is active in trading and financing a range of public and private companies and have operated in Canada since 1929.
Global Minerals is a Canadian-based company with focus on the acquisition, exploration and development of mineral property interests.
Global Minerals Ltd.
"George Heard"
George W. Heard
President & CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy of this release.