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Global Gold Corporation Acquires Tukhmanuk Mine in Armenia and Closes
Private Placement
BISNIS Mining and Metallurgy Update
10 August 2005
New Info on Product Certification Available!
The majority of U.S. companies exporting products to Eurasian countries
are likely to encounter product certification issues in one form or
another. Even for seasoned U.S. exporters, Eurasia-style product
certification procedures may seem intimidating. BISNIS now has general
overviews of certification processes in eight Eurasian countries
available to help you understand and navigate these issues, see
www.bisnis.doc.gov/bisnis/cert_report.cfm. The other good news is that
several U.S.-based certification companies provide professional services
and advise on these procedures, for a non-exhaustive listing see the
BISNIS website at
www.bisnis.doc.gov/bisnis/bisdoc/0506CertifProviderList.htm. For
additional information regarding product certification in Eurasia,
please visit BISNIS website at www.bisnis.doc.gov/bisnis/isa/isa-cert.cfm.
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Press Release: Global Gold Corporation Acquires Tukhmanuk Mine in
Armenia and Closes Private Placement
Greenwich, CT -- August 1, 2005 -- Global Gold Corporation (OTCBB-GBGD)
(www.globalgoldcorp.com) today acquired the Tukhmanuk gold mine, plant,
and surrounding exploration sites in Armenia and, on July 29, closed a
private placement raising three million dollars. Global Gold will use
the proceeds to fund the Tukhmanuk acquisition and expansion as well as
to further its mining and exploration projects and for working capital.
The transaction involved the issuance of four million shares of common
stock at $0.75 per share. Each new share issued carries a warrant to
purchase one half of one additional share at $1.50 per share. The
warrants are exercisable on or before July 31, 2007. Lead investors
include current shareholders Firebird Global Master Fund, Ltd., Firebird
Republics Fund, Ltd, and Firebird Avrora Fund, Ltd (www.fbird.com) and
new shareholders East Capital (www.eastcapital.com), Falcon QPLP, and
Dover Industries.
The Tukhmanuk property is adjacent to Global Gold's Hankavan property in
central Armenia, between the Aragatsotn and Kotayk provinces. In
addition to the central property the acquisition includes a 200,000
tonne per year capacity plant and the Damlik, Mirak, Grebnevaya,
Ozyornaya, Emin Yourt, Voskedzor, and Dalma exploration sites. The
property is held by the Armenian company Mego-Gold, LLC, for which
Global Gold's subsidiary Global Gold Mining, LLC ("GGM") agreed to pay
$3,500,000. GGM is initially paying $1,500,000 for 51% of Mego-Gold and
paying the balance of the purchase price for the remaining 49% within
two years.
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 www.globalgoldcorp.com.
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.
Contact: Global Gold Corporation, Drury J. Gallagher, 203-422-2300,
[email protected]
Source: Global Gold Corporation
********** Forwarded by: *****************************
Ellen S. House, BISNIS Trade Specialist for Mining and Metallurgy
U.S. Department of Commerce
Tel: 202/482-2284, Fax: 202/482-2293
www.bisnis.doc.gov
Additional information on this sector in Russia and Eurasia is available
via BISNIS Online at www.bisnis.doc.gov/bisnis/isa/isa-natres.cfm.
Private Placement
BISNIS Mining and Metallurgy Update
10 August 2005
New Info on Product Certification Available!
The majority of U.S. companies exporting products to Eurasian countries
are likely to encounter product certification issues in one form or
another. Even for seasoned U.S. exporters, Eurasia-style product
certification procedures may seem intimidating. BISNIS now has general
overviews of certification processes in eight Eurasian countries
available to help you understand and navigate these issues, see
www.bisnis.doc.gov/bisnis/cert_report.cfm. The other good news is that
several U.S.-based certification companies provide professional services
and advise on these procedures, for a non-exhaustive listing see the
BISNIS website at
www.bisnis.doc.gov/bisnis/bisdoc/0506CertifProviderList.htm. For
additional information regarding product certification in Eurasia,
please visit BISNIS website at www.bisnis.doc.gov/bisnis/isa/isa-cert.cfm.
************************************************** *********** ********
Press Release: Global Gold Corporation Acquires Tukhmanuk Mine in
Armenia and Closes Private Placement
Greenwich, CT -- August 1, 2005 -- Global Gold Corporation (OTCBB-GBGD)
(www.globalgoldcorp.com) today acquired the Tukhmanuk gold mine, plant,
and surrounding exploration sites in Armenia and, on July 29, closed a
private placement raising three million dollars. Global Gold will use
the proceeds to fund the Tukhmanuk acquisition and expansion as well as
to further its mining and exploration projects and for working capital.
The transaction involved the issuance of four million shares of common
stock at $0.75 per share. Each new share issued carries a warrant to
purchase one half of one additional share at $1.50 per share. The
warrants are exercisable on or before July 31, 2007. Lead investors
include current shareholders Firebird Global Master Fund, Ltd., Firebird
Republics Fund, Ltd, and Firebird Avrora Fund, Ltd (www.fbird.com) and
new shareholders East Capital (www.eastcapital.com), Falcon QPLP, and
Dover Industries.
The Tukhmanuk property is adjacent to Global Gold's Hankavan property in
central Armenia, between the Aragatsotn and Kotayk provinces. In
addition to the central property the acquisition includes a 200,000
tonne per year capacity plant and the Damlik, Mirak, Grebnevaya,
Ozyornaya, Emin Yourt, Voskedzor, and Dalma exploration sites. The
property is held by the Armenian company Mego-Gold, LLC, for which
Global Gold's subsidiary Global Gold Mining, LLC ("GGM") agreed to pay
$3,500,000. GGM is initially paying $1,500,000 for 51% of Mego-Gold and
paying the balance of the purchase price for the remaining 49% within
two years.
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 www.globalgoldcorp.com.
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.
Contact: Global Gold Corporation, Drury J. Gallagher, 203-422-2300,
[email protected]
Source: Global Gold Corporation
********** Forwarded by: *****************************
Ellen S. House, BISNIS Trade Specialist for Mining and Metallurgy
U.S. Department of Commerce
Tel: 202/482-2284, Fax: 202/482-2293
www.bisnis.doc.gov
Additional information on this sector in Russia and Eurasia is available
via BISNIS Online at www.bisnis.doc.gov/bisnis/isa/isa-natres.cfm.