$1.5 M financing doneRAB Special Situations L.P./Consolidated Global Minerals
Ltd.: Announcement
DOVER, DELAWARE--(CCNMatthews - Mar 24, 2004) - RAB Special
Situations L.P. ("Special Situations") announces that it has
subscribed for a total of 3,000,000 units (the "Units") of
Consolidated Global Minerals Ltd. (the "Company"), at a price of
Cdn.$0.50 per Unit (the "Private Placement"). Each Unit consists
of one (1) common share (a "Share") and one (1) Series 2004B
Share purchase warrant (a "Warrant") of the Company. Each
Warrant entitles Special Situations to purchase one (1)
additional Share (a "Warrant Share") for a period of two (2)
years following the closing at a price of Cdn.$0.65 per Warrant
Share if exercised in the first year and at a price of Cdn.$0.75
per Warrant Share if exercised in the second year.
As part of the Private Placement, Special Situations acquired
3,000,000 Units (representing approximately 15.51% of the issued
and outstanding common shares of the Company on a partially
diluted basis (assuming exercise of its Warrants) ("Partially
Diluted Basis")). Special Situations has ownership of and
control over the securities purchased in the Private Placement.
Immediately after the Private Placement, Special Situations owned
3,000,000 Shares and 3,000,000 Warrants representing
approximately 15.51% of the issued and outstanding common shares
of the Company on a Partially Diluted Basis.
Special Situations purchased Units for investment purposes only
and not with the purpose of influencing the control or direction
of the Company. Special Situations and/or its joint actors, if
any, may, subject to market conditions, make additional
investments in or dispositions of securities of the Company in
the future, including additional purchases of Shares. Special
Situations and/or its joint actors, if any, do not, however,
intend to acquire 20% of any class of the outstanding voting
securities of the Company.
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