By Sheri Kasprzak
New York, Aug. 1 - Global Gold Corp. said it has wrapped a private placement for $3 million.
The company sold 4 million units at $0.75 each to a group of institutional investors led by Firebird Global Master Fund, Ltd.; Firebird Republics Fund, Ltd. and Firebird Avrora Fund, Ltd. - three of the company's existing shareholders - and new shareholders East Capital, Falcon QPLP and Dover Industries.
The units are comprised of one share and one half-share warrant. The whole warrants provide for an additional share at $1.50 each through July 31, 2007.
Proceeds will be used for costs associated with the company's acquisition of the Tukhmanuk property in Armenia. The remaining funds will be used for expansion, exploration and working capital.
Greenwich, Conn.-based Global is a gold exploration, development and mining company.
| Issuer: | Global Gold Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | $3 million
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| Units: | 4 million
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| Price: | $0.75
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | July 31, 2007
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| Warrant strike price: | $1.50
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| Investors: | Firebird Global Master Fund, Ltd.; Firebird Republics Fund, Ltd.; Firebird Avrora Fund, Ltd.; East Capital, Falcon QPLP and Dover Industries
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| Settlement date: | July 29
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| Stock price: | C$0.85 at close July 29
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| Stock price: | C$0.75 at close Aug. 1
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