2013-01-21 23:52:59 -
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/21/13 -- Global Hunter Corp. (the "Company") (TSX VENTURE:BOB) reports that the TSX Venture Exchange (the "TSXV") has accepted for filing amendments to the convertible loan agreement described in the Company's news release of January 10, 2013.
The loan agreement, as amended, now provides that:
1. The lender has the right to require payment of up to one-half of the $2,500,000 loan (the "Loan") plus accrued interest on January 31, 2013.
2. The lender has the right to require payment of the balance of the Loan and accrued interest on October 1, 2013, but also has the right to further extend the time for payment.
3. Loan principal will be convertible into Units (one common share and one-half warrant) at the price of $0.10 per Unit until October 1, 2015.
4. The Company will continue to have the right to repay the Loan and accrued interest at any time on thirty day's notice.
As consideration for the extension of the time for payment and the increase of the conversion price from $0.06 to $0.10 per share, the Company has issued to the lender warrants (the "Detachable Warrants") exercisable to purchase up to 12,500,000 shares for $0.10 each until October 1, 2015; provided that one Detachable Warrant will be cancelled for each $0.20 by which the Loan Principal is reduced by way of repayment by the Corporation. Any shares issued on exercise of Detachable Warrants will be subject to a hold period until May 18, 2013. Any shares issued on conversion of the Loan, and any shares issued on exercise of the warrants comprised in the Units, will not be subject to a hold period.
As noted in the Company's January 10, 2013 news release, the lender has given notice to the Company requiring payment of one-half of the Loan plus accrued interest on January 31, 2013. The Company intends to seek equity financing to satisfy that obligation and to further advance its La Corona de Cobre copper project after completion of the proposed consolidation of its share capital, also described in the Company's January 10, 2013 news release. Completion of the share consolidation remains subject to acceptance by the TSX Venture Exchange.
On behalf of the Board of Directors,
Rudy Brauer, Director, Global Hunter Corp.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions, and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Global Hunter Corp.
(604) 681-4653 or 1-866-282-8398
(604) 683-6557 (FAX) firstname.lastname@example.org