70352795-1ec1-443c-b538-20af42d9842f.pdf
Global Geoscience
NEWS RELEASE DATE: 28th October 2015 ASX Code: GSC
FINANCIAL AND CORPORATE UPDATE
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Global Geoscience Ltd
ABN 76 098 564 606
ASX Code: GSC
Current share price: $0.005 52 week range: $0.01-0.002 Issued Shares: 272M Directors Holdings: 24%
Top 20 Holdings: 53%
Key Projects
Excelsior Au
(earning 70%, Nevada)
Tokop Au (100%, Nevada)
Towers Mt, Cu-Mo (100%, Arizona)
Lone Mt Au, Ag-Pb-Zn (option for 100%, Nevada)
Sara Sara Cu-Mo-Ag (100%, Peru)
Mancha Pampa Cu-Au (100%, Peru)
Board of Directors
Robert Reynolds
Non-Executive Chairman
Bernard Rowe Managing Director
Peter Nicholson Executive Director
Patrick Elliott
Non-Executive Director
Registered Office Suite 203, 161 Walker Street North Sydney NSW 2060 AUSTRALIA
T: +61 2 9922 5800
Contact
Bernard Rowe
T: +61 4 1944 7280
[email protected]
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HIGHLIGHTS
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Corporate advisory mandate with Cygnet Capital
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Placement to raise $1M for working capital
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Appointment of new directors, Mr. Barnaby Egerton- Warburton and Mr. Gabriel Chiappini
Global Geoscience Ltd ('Global' or 'the Company'), is pleased to announce that it has entered into a mandate agreement with private advisory firm, Cygnet Capital Pty Ltd ('Cygnet'), in respect of capital raising initiatives and corporate strategy advice ('Mandate').
Placement
Under the terms of the Mandate, Cygnet will manage a placement to sophisticated and professional investors to raise a total of $1,000,000 through the issue of 500,000,000 shares at a price of $0.002 per share. The placement will be completed in two tranches with the first tranche to be completed using the Company's available capacity under ASX Listing Rule 7.1. Tranche two of the placement will be subject to shareholder approval which is to be sought at the earliest opportunity.
Funds raised from the placement will be employed towards working capital, maintenance of the Company's existing assets and the review of new opportunities. Whilst being committed to operating a low corporate overhead operation, the board recognises the need to further improve its cash position and reduce costs. In line with this strategy, and given the scarcity of capital currently available for greenfield exploration, the board is currently undertaking a review of the Company's operations with a view to reducing costs by divesting some of its early-stage, high-risk exploration projects.
Completion of the placement remains subject to various conditions including due diligence, shareholder approval and the restructuring of existing debt. Further detail will be provided to shareholders in a notice of meeting to be released shortly.
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Board Restructure
In conjunction with completing the placement, the Company is also proposing to undertake a restructure of its board with existing board members, Mr. Robert Reynolds and Mr. Peter Nicholson stepping down from their positions. The outgoing directors are set be replaced by Mr. Barnaby Egerton-Warburton and Mr. Gabriel Chiappini. Global would like to thank Mr. Reynolds and Mr. Nicholson for their service and wishes them both the best in their future endeavours.
Mr Egerton-Warburton brings strong commercial skills from his experience in the investment banking industry. Mr Egerton-Warburton holds a Bachelor of Economics, is a graduate of the Australian Institute of Company Directors and is a member of the American Association of Petroleum Geologists. In addition to this nomination, Barnaby is also currently the Managing Director of Eneabba Gas Limited (ASX:ENB) and a Non-Executive Director of iSignthis Limited (ASX:ISX).
Mr Chiappini is a Chartered Accountant with over twenty years of experience as a finance and governance professional. Gabriel is a current member of the Australian Institute of Company Directors and Institute of Chartered Accountants (Australia). In addition to this nomination, Gabriel is also currently the Non-Executive Chairman of DMY Capital Limited (ASX:DMY) and a Non- Executive Director of Black Rock Mining Limited (ASX.BKT) and Sunbird Energy Limited (ASX:SNY).
**ENDS**
About Global Geoscience
Global Geoscience is a Sydney-based mineral exploration company specialising in greenfield exploration and mineral discovery. The Company's main focus is for copper, gold and silver on its mostly 100%-owned projects in Nevada and Arizona in the United States, and Peru in South America.
About Cygnet Capital
Cygnet is a privately owned investment and corporate advisory firm which specialises in the provision of corporate advice in the 'micro-cap' sector of the Australian equities market. Cygnet has extensive experience providing corporate advice and transaction management services including capital raising management (debt and equity), mergers and acquisitions, takeovers, reverse takeovers, management buyouts, trade sales and investor relations. For further information and details of Cygnet's most recent engagements, please refer to the company's website at www.cygnetcapital.com.au
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MEDIA CONTACT:
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Bernard Rowe
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John Field
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Darien Jagger
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Managing Director
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Field Public Relations
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Cygnet Capital Pty Ltd
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Global Geoscience Ltd
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T: (08) 8234 9555
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T: (08) 9226 5511
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T: (02) 9922 5800
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M: 0418 819 527
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M: 04 1944 7280
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