VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 17, 2007) - Global Hunter Corp. (the "Company") (TSX VENTURE:BOB) is pleased to announce that with the arrangement of a non-brokered private placement and new appointments to its Board of Directors, the Company has re-launched its exploration and development efforts on the Las Posadas copper deposit, La Corona de Cobre project in central Chile, and will further its exploration activity on its Rabbit South molybdenum prospect in B.C.
"We are very excited to be moving the Company forward with an aggressive exploration and development program for our flagship Las Posadas copper deposit," said Mr. Rod Husband, president of Global Hunter. "This financing gives us the resources to complete the program in Chile this year, as well as advance our Rabbit South molybdenum project in south-central British Columbia. The experience of Al Korelin and Brian Soregaroli will substantially strengthen our Board and greatly assist us in moving the company toward a production decision."
PRIVATE PLACEMENT FINANCING
Global Hunter Corp. has arranged for a non-brokered private placement of up to 26,666,667 units at $0.30 per unit, for aggregate gross proceeds of up to $8,000,0000. Each unit will be comprised of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share in the capital of the Company for two years from the date of issue (the "Exercise Period") at the price of $0.60. In the event that during the Exercise Period, the closing price of the Company's common shares exceeds $1.00 for a period of 20 consecutive trading days, at the Company's election, the Exercise Period will be reduced to 30 days. Finders' fees may be payable in connection with the private placement in accordance with the policies of the TSX Venture Exchange ("TSX-V").
The Company will use the funds from the private placement for exploration and property payments on its La Corona de Cobre Project (Chile) and its Rabbit South Project (B.C.) and for general working capital.
The Company further announces that, effectively immediately, Mr. Tom Torrance and Mr. Vic Berar have resigned from the Board of Directors ("the Board") and have been replaced by Mr. Al Korelin and Mr. Brian Soregaroli.
Al Korelin is a prominent public figure in the junior resource sector in Canada and the US. He has been involved in the financial community since 1978 when he received his MBA in Finance and International Trade from the University of Puget Sound. Since founding A. B. Korelin in 1982, he has assisted many publicly traded companies with regulatory compliance issues, including conducting seminars in conjunction with the TSX-V for companies listed on the TSX-V wishing to register in the U.S. In addition to his responsibilities with A. B. Korelin & Assoc., he is the founder and co-host of The Korelin Economics Report, a nationally syndicated radio program that discusses political and financial issues which may affect investment decisions with leading experts in the field.
Brian Soregaroli has 25 years experience in the mining industry including 20 years in management and consulting. He is currently active in mineral project exploration and development and corporate communications for public companies in the junior mining resources sector. Mr. Soregaroli has been involved in financing, investor relations, technical field work, environmental consulting, project permitting, and waste management work worldwide for the junior mining resources sector. Mr. Soregaroli holds an MBA from Simon Fraser University and a Bachelor of Science degree from the University of British Columbia.
STOCK OPTION GRANT
Subject to the Company's 2006 Stock Option Plan and acceptance for filing by the TSX-V, the Company will grant up to an aggregate of 2,000,000 options to purchase common shares of the Company at a price of $0.30 to directors, senior officers and consultants of the Company and its subsidiaries. The options will be exercisable up to July 17, 2012. In addition, the Company proposes to amend the terms of options previously to purchase up to 2,000,000 common shares by reducing the exercise price from $0.96 to $0.30 subject to disinterested shareholder approval and acceptance by the TSX-V.
ABOUT GLOBAL HUNTER CORP.
Global Hunter is currently exploring and advancing development of the La Corona de Cobre project located 70 km north of La Serena, Chile along the Pan American Highway within the coastal belt of the Andean Cordillera. The 2007 program at the property will focus on further defining the resource and economics of the Las Posadas deposit.
In addition to La Corona de Cobre, the Company is also working to complete further delineation drilling and an initial resource estimate at its Rabbit South Property molybdenum project in south-central British Columbia, Canada.
On Behalf of the Board of Directors
GLOBAL HUNTER CORP.
Rod Husband, P.Geo, President
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Global Hunter Corp.
Rod Husband, P.Geo
(604) 681-4653 or Toll Free: 1-866-282-8398
(604) 683-6557 (FAX)