Business Wire (press release), CA
Nov 15 2004
Global Gold Corporation Closes Private Placement With Firebird Funds;
Names Van Krikorian President, Ted Urquhart Vice President
GREENWICH, Conn.–(BUSINESS WIRE)–Nov. 15, 2004–Global Gold
Corporation (OTCBB-GBGD) () announced today it
has completed a $1,500,000 private placement with Firebird Global
Master Fund, Ltd. (“FGMF”), Firebird Republics Fund, Ltd (“FRF”), and
Firebird Avrora Fund, Ltd (“FAF”) (). Global Gold will
use the proceeds to further its mining and exploration projects in
Armenia and Chile as well as for working capital to continue
evaluating other mining and exploration projects.
The transaction involved the issuance of 3 million shares of common
stock at $0.50 per share. Each new share issued carries a warrant to
purchase an additional share at $0.75 per share. The warrants are
exercisable on or before December 1, 2006. Three stockholders, NJA
Investments, Drury J. Gallagher and Van Krikorian, also agreed to
other conditions, including: to vote their shares to elect one
designee of FGMF, FRF, and FAF collectively to the Company’s Board of
Directors; and to grant FGMF, FRF, and FAF certain tag-along rights.
The Company, FGMF, FRF, and FAF also entered a Registration Rights
Agreement. As a further condition to close, the Company agreed to
reduce accounts payable.
In other developments, Van Krikorian, previously Vice President and
General Counsel became President of Global Gold succeeding Robert
Garrison, who resigned for personal reasons. Geophysicist Dr. W.E.S.
(Ted) Urquhart, resident in Santiago, Chile, became Vice President
for South America. Drury J. Gallagher continues as Chairman and CEO.
Global Gold Corporation is an international gold mining, development
and exploration company with mining properties in Chile and Armenia.
Global Gold Corporation is located at 104 Field Point Road,
Greenwich, CT 06830. The main phone number is 203-422-2300. More
information can be found at
To the extent that statements in this press release are not strictly
historical, including statements as to revenue projections, business
strategy, outlook, objectives, future milestones, plans, intentions,
goals, future financial conditions, future collaboration agreements,
the success of the Company’s development, events conditioned on
stockholder or other approval, or otherwise as to future events, such
statements are forward-looking, and are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. The forward-looking statements contained in this release are
subject to certain risks and uncertainties that could cause actual
results to differ materially from the statements made.
From: Emil Lazarian | Ararat NewsPress