Welcome!

News Feed Item

Global Hunter-Corporate Update

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/11/13 -- Global Hunter Corp. (TSX VENTURE:BOB) (the "Company") is pleased to provide the following corporate update.

Extension of Convertible Loan

The Company has negotiated an extension of the time for repayment of the $2,500,000 loan (the "Loan") announced on October 12, 2010. The original agreement (the "Loan Agreement") provided that the Loan would be convertible for a period of 18 months into units ("Units") at the option (the "Conversion Option") of the lender at the price of $0.06 per Unit. Each Unit was to consist of one common share and one-half of a common share purchase warrant, and each full warrant (a "Conversion Warrant') was to be exercisable to purchase one additional share for $0.10. The Conversion Option expired on April 1, 2012 and the loan became due and payable on that date. In light of the state of the financial markets at that time, the Company was not in a position to repay the full amount of the Loan. The Lender agreed to an extension of the time for payment and other amendments to the Loan Agreement, subject to acceptance by the TSX Venture Exchange (the "TSXV").

The proposed amendments to the Loan Agreement provide for an extension of the time for repayment of the Loan on the following terms:


1.  The lender would have the right to require payment of up to one-half of
    the Loan plus accrued interest on January 31, 2013. Absent notice
    requiring such payment by December 31, 2012, the payment obligation
    would automatically be deferred until at least October 1, 2013.

2.  The lender would have the right to require payment of the balance of the
    Loan and accrued interest on October 1, 2013, but would also have the
    right to further extend the time for payment.

3.  Loan principal would be convertible into Units at the price of $0.10 per
    Unit until October 1, 2015.
    
4.  The Company would continue to have the right to repay the Loan and
    accrued interest at any time on thirty days' notice.
    
5.  As consideration for the extension of the time for payment and the
    amendment to the conversion price, the Company would issue to the lender
    warrants (the "Detachable Warrants") exercisable to purchase up to
    12,500,000 shares for $0.10 each until the earlier of:

    a.  4:30 p.m. (local Vancouver time) on October 1, 2015; and

    b.  the time of repayment of that portion of the Loan principal in
        respect of which a Detachable Warrant would be issuable if such
        Detachable Warrant were a Conversion Warrant (so that, for example,
        if $1,250,000 of the Loan principal is repaid on October 1, 2013,
        then one-half of the Detachable Warrants would expire at the time of
        such repayment). 

Any shares issued on exercise of Detachable Warrants would be subject to a four month hold period from the date of issue of the Detachable Warrants. The proposed amendments to the Loan Agreement are subject to acceptance by the TSXV. A filing has been made with the TSXV, but has not yet been accepted by the TSXV.

The lender has now given notice to the Company requiring payment of up to one-half of the Loan plus accrued interest on January 31, 2013. The Company is reviewing its alternatives regarding funding of that obligation.

Annual General Meeting

At the Company's Annual General Meeting held on November 20, 2012, Messrs. Rudiger (Rudy) Brauer, Gurminder Sangha, Michael Hibbits and Martin Wood were re-appointed as directors, Dale Matheson Carr-Hilton Labonte LLP was re-appointed auditor of the Company and the Company's Stock Option Plan was approved.

Consolidation of Share Capital

Also at the AGM, a special resolution was passed to authorize a consolidation of the Company's shares on the basis that each twenty common shares before consolidation be consolidated into one common share after consolidation, with any fractional shares resulting from such consolidation being converted into whole common shares without par value. The 20:1 consolidation was previously approved at the Company's 2011 AGM, but the directors exercised their right to postpone implementation of the consolidation pending the outcome of funding efforts and the re-negotiation of the terms of the Loan during 2012. Accordingly, the shareholders were asked to approve the proposed consolidation again at the 2012 AGM. The directors have now determined to proceed with the consolidation. The Company does not propose to change its name, but may be required to do so if stipulated by the TSXV as a condition of accepting the proposed consolidation.

Management believes that the share consolidation is necessary to provide the Company with a capital structure that will facilitate equity and/or debt financing. The Company's management has recommended the restructuring following consultation with financial advisors. The proposed share consolidation is expected to increase the market price of the Company's common shares on a per share basis by reducing the number of common shares outstanding. However, no assurance can be given as to the effect of the consolidation on the value of the Company's common shares. Completion of the share consolidation is subject to acceptance by the TSX Venture Exchange.

The Company currently has an aggregate of 280,761,137 common shares outstanding. After giving effect to the consolidation, it expects to have approximately 14,038,057 shares outstanding. The current outstanding share capital gives effect to a reduction from the share capital reflected in 2012 financial statements due to a return to treasury in December, 2012 of 5,400,000 shares issued for delivery against payment in connection with the Company's June, 2012 private placement, and for which payment was not ultimately received. The delay in the return to treasury was due to requirements imposed by the Company's transfer agent for written authorization from the subscribers.

Corporate Update

The Company continues work on its flagship project, the La Corona de Cobre property, located in the coastal belt of the Andean Cordillera of Chile. Additional trenching has been carried out and assay results are pending. The Company is also pleased to announce that it has obtained a Chilean Court Order for the eviction from that property of several groups of illegal miners who were conducting mining operations on Las Posadas (the Abisinia concessions) at La Corona de Cobre project. The Company now has security on site to prevent a further occurrence of such a situation.

On September 18, 2012, the Company announced an updated NI 43-101 compliant resource estimate of 225 million pounds of copper oxide for the Las Posadas and a preliminary economic assessment ("PEA") with the following highlights:


--  Base Case NPV (5%) of $79.6 million 
--  Base Case IRR of 75.4% 
--  Estimated capital costs of $75 million 
--  Mining rate of 8,500 tonnes per day 
--  Base case life of mine copper production of 131.5 million pounds 
--  Mine life of 3.75 years 

The updated Indicated and Inferred mineral resource estimate was prepared by GeoVector and is reported in accordance with Canadian Administrator's 43-101 and was estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best practices" guidelines, including the critical requirement that all mineral resources "have reasonable prospects for economic extraction".

The next stage of exploration, which is dependent on additional financing, is intended to be pre-feasibility level studies which will include infill drilling in order bring all leach pad material within the pit boundaries to indicated or measured resource categories. This will also supply samples for further metallurgical testing. Other work will include environmental baseline monitoring, engineering studies of important infrastructure aspects including power supply, water supply and transportation as well as geotechnical and labour and equipment cost studies. In addition, again subject to financing, the Company plans to drill test several nearby shear zones. If successful, these targets could be developed into additional mineral resources. Additional funding will be required to accomplish these objectives and to repay the portion of the Loan which will become due on January 31, 2013. There can be no assurance that such funding will be available. A technical report in support of the PEA and revised resource estimate has been filed on SEDAR.

Allan Armitage, Ph.D., P.Geol., and Joe Campbell, B.Sc., P.Geo., of GeoVector Management Inc., are responsible for the technical comments related to the resource estimate and PEA and its parameters and each of them is an "independent qualified person" for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators and has verified the data disclosed in this release.

In addition the Company has its Rabbit South molybdenum project in south-central British Columbia, Canada. The Company has no plans for that property for 2013 at this time, as its principal focus is on debt reduction and financing the Corona de Cobre project.

On behalf of the Board of Directors,

Rudy Brauer, President, 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...