Esperanza Completes Further Strategic Investment in Global Minerals Ltd.
25 November 2010 - 10:42AM
Marketwired
Esperanza Resources Corp. ("Esperanza") (TSX VENTURE: EPZ) is
pleased to announce a further strategic investment of $1.456
million in Global Minerals Ltd. (TSX VENTURE: CTG) pursuant to a
private placement by Global which raised $4,001,000 on November 22,
2010. Esperanza, by this investment, maintains its 19.9% ownership
interest in Global. This will ultimately grow to a 37.9% interest
in Global upon approval by its shareholders of special warrants
held by Esperanza.
Bill Pincus, Esperanza's President, said, "Esperanza is excited
to be participating in this emerging company and to have the
ability to influence its development." Global's primary asset is
the Streborna silver-copper deposit in Slovakia, an advanced stage
exploration project. More information on the Streiborna project can
be found on Global's website: www.globalminerals.com.
Esperanza purchased 2,021,863 units (each unit consisting of one
common share and one-half of a share purchase warrant, each whole
warrant exercisable to purchase a further share for $0.55 until
November 22, 2012) for $0.35 per unit to maintain its 19.9%
ownership interest in Global and now holds 10,421,863 shares of
Global. Esperanza also purchased 2,138,037 special warrants for
$0.35 each, which will convert automatically, without payment of
additional consideration, into 2,138,0371 units upon receipt of
approval by Global's shareholders of Esperanza becoming a 'control
person' of Global. Upon the conversion of the special warrants,
including special warrants acquired by it in October, Esperanza
will hold 23,493,233 shares of Global, representing a 36.0%
ownership interest in Global, and warrants to purchase a further
2,079,950 shares. Shareholder approval is to be sought at Global's
Annual and Special General Meeting scheduled to be held on Friday,
December 3, 2010. If shareholder approval is not obtained, the
special warrants will automatically convert into a non-convertible
secured debenture in the principal amount of $748,313 bearing
interest at 8% per year, with a term of 18 months.
Esperanza's investment was made section 2.10 of National
Instrument 45-106 Prospectus and Registration Exemptions of the
Canadian Securities Administrators. Presently, Esperanza does not
have any intention of acquiring any further securities of Global,
but may acquire ownership of or control over further securities in
the future depending upon market circumstances.
Esperanza has filed an Early Warning Report with the British
Columbia and Alberta Securities Commissions in respect of the
acquisition. Copies of the Report may be obtained from SEDAR
(www.sedar.com) or without charge from us.
About Esperanza
Esperanza is an emerging producer company focused on advancing
the development of its two principal properties: the San Luis gold
and silver joint venture in Peru and the 100%-owned Cerro Jumil
gold project in Morelos State, Mexico. It is also actively
investigating 17 other exploration interests in Peru and
Mexico.
SAFE HARBOR: Some statements in this release are forward-looking
in nature. The United States Private Securities Litigation Reform
Act of 1995 provides a "safe harbor" for certain forward-looking
statements. Such statements include statements as to the potential
of the Cerro Jumil property, the ability to finance further
exploration, permit drilling and other exploration work, and the
availability of drill rigs.
The forward-looking statements involve risks and uncertainties
and other factors that could cause actual results to differ
materially, including those relating to exploration and bringing
properties into production. Please refer to a discussion of some of
these and other risk factors in Esperanza's Form 20-F filed with
the U.S. Securities and Exchange Commission. The forward-looking
statements contained in this document constitute managements'
current estimates as of the date of this release with respect to
the matters covered herein. Esperanza expects that these
forward-looking statements will change as new information is
received and that actual results will vary, possibly in material
ways. Forward-looking statements are based on the beliefs,
expectations and opinions of management on the date the statements
are made, and the company does not assume any obligation to update
forward-looking statements if circumstances or management's
beliefs, expectations or opinions should change. For these reasons,
investors should not place undue reliance on forward-looking
statements.
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Esperanza Resources Corp. Bill Pincus President and
CEO Toll Free: (866) 890 5509 info@epzresources.com
www.epzresources.com
Esperanza Resources Corp. (TSXV:EPZ)
Historical Stock Chart
From Jun 2024 to Jul 2024
Esperanza Resources Corp. (TSXV:EPZ)
Historical Stock Chart
From Jul 2023 to Jul 2024