“Company”) announces that it has received TSX Venture Exchange approval to a name change
GLOBAL MINERALS LTD.
NEWS RELEASE
Vancouver, B.C., June 23, 2016 – Global Minerals Ltd. (TSXV/NEX: CTG.H; the “Company”) announces that it has received TSX Venture Exchange approval to a name change and consolidation of its issued and outstanding share capital on the basis of one new common share for two outstanding common shares. All fractional shares resulting from the consolidation will be rounded up or down to the nearest whole number.
As a result, the outstanding common shares of the Company will be reduced to approximately 1,317,944, subject to adjustment for fractional shares.
The Company’s shares will commence trading under the new name “MK2 Ventures Ltd.” on a post-consolidated basis effective June 27, 2016 under the new trading symbol “MK”.
The Company is also amending the terms of its private placement announced by news release dated April 7, 2016. The Company will initially issue 13,000,000 subscription receipts at $0.05 per receipt for gross subscription proceeds of $650,000. Each receipt will entitle the holder to receive, for no additional consideration, one unit in the capital of the Company, on the same terms as announced April 7, 2016. Each unit will continue to be comprised of one postconsolidated common share and one share purchase warrant entitling the holder to acquire one post-consolidated common share at a price of $0.05 per post-consolidated share for a period of 12 months following the closing date. The subscription receipts will convert to units upon (i) the receipt by the Company of Exchange approval to the private placement, (ii) if applicable, the receipt by the Company of shareholders’ approval to any change of control or creation of a new control block (as determined in accordance with Exchange policies); (iii) completion of the consolidation; and (iv) four months and a day having passed since issuance of the subscription receipts; however in certain circumstances, holders of subscription receipts may elect to convert earlier.
Proceeds of the placement will be used for general working capital purposes and to advance the Company’s search for new business opportunities.
The Company advises that Rosseau Limited Partnership and G10-Rosseau Special Situations Master Fund have subscribed for an aggregate 5,000,000 Subscription Receipts. Upon the conversion of all Subscription Receipts, the Company will have 14,317,944 shares and 13,000,000 warrants outstanding, of which Rosseau Limited Partnership will own 4,000,000 shares (27.94%) and 4,000,000 warrants; and G10-Rosseau Special Situations Master Fund will own 1,000,000 shares (6.98%) and 1,000,000 warrants; and together will own 5,000,000 shares (34.92% of the Company’s common shares) and 5,000,000 warrants. Should both of them exercise their warrants, they would together hold 10,000,000 shares, representing 51.77% of the outstanding shares, on a partially diluted basis. As this amounts to a change of control of the Company, the Company will be seeking shareholders’ approval to such change of control at its annual and special general meeting scheduled for August 10, 2016.
The private placement is subject to approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD
“David M. Patterson”
CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.