Global Gold Corporation Announces Ratification of Confidential Term Sheet for Conditional Financing and Reverse Split of Shares
December 29, 2023
Global Gold Corporation (OTCQB:GBGD (“Global Gold” or the “Company”) announced the December 28, 2023, board ratification of a confidential term sheet signed on December 20, 2023 and effective December 19, 2023 with a European Company to conditionally provide a $250,000 advance on or before January 15, 2024, followed by a $1.75 million investment. The use of proceeds is to advance projects in Armenia and corporate purposes. The conditions include a reverse split of the Company’s shares on a 1,000 for 1 basis, and the board has set the record date for the split as December 20, 2023, with the effective date for the amended certificate of incorporation assuming shareholder approval anticipated for January 22, 2024. If the Company does not meet its conditions, the $250,000 advance will convert to a loan at 9% payable by October 30, 2024, and the commitment for the $1.75 million investment is not obligated. Pursuant to the Company’s bylaws, fractional shares will not be issued. Shareholders owning less than 1,000 shares as of the record date would be entitled to a cash payment upon surrender of shares and qualification on or before June 1, 2025. If approved, the Company’s total authorized shares will be 1,000.
Forward-Looking Statements
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Contact:
Global Gold Corporation
International Corporate Center at Rye
555 Theodore Fremd Avenue, Suite C208
Rye, New York 10580
Tel: 914-925-0020
Fax: 914-925-8860
Email:
www.globalgoldcorp.com