Global Hunter-Corporate Update

Global Hunter-Corporate Update 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/10/13 -- 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 t
o 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. 
Contacts:
Global Hunter Corp.
Investor Relations
(604) 681-4653 or 1-866-282-8398
(604) 683-6557 (FAX)
info@globalhunter.ca
www.globalhunter.ca
 
 
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