VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/30/13 -- Global Met Coal Corporation (TSX VENTURE: GMZ) (FRANKFURT: B1H) (the "Company") announces that it has signed a subscription agreement dated August 9, 2013 with Global Resources Investment Ltd. ("GRIL"), an arm's length party to the Company, pursuant to which the Company has agreed to subscribe for 556,379 new ordinary shares of Global Resources Investment Trust plc ("GRIT") at a subscription price of GBP 1.00 per share. In consideration of the purchase of the GRIT shares, the Company has agreed to issue to GRIT 15,000,000 common shares at a deemed price of GBP 0.0371 per share, which is the equivalent of approximately $0.06 per share. The value of the transaction is approximately $900,000 based on the current exchange rate. Upon closing the 15,000,000 shares will represent approximately 18.6% of the then issued and outstanding shares of the Company. The TSX Venture Exchange (the "Exchange") has granted conditional acceptance of the transaction.
GRIL has been established to exploit investment opportunities in the junior mining and natural resources sectors worldwide, with an investment objective to generate medium and long-term capital growth. GRIL is seeking listing of its ordinary shares on the main market of the London Stock Exchange (LSE), and will be re-registered as a public company and constituted as a UK investment trust with the name 'Global Resources Investment Trust plc'. The Company will subsequently resell the GRIT shares through the facilities of the LSE to realize net cash proceeds. The Company intends to use the proceeds to fund ongoing development of the Black Creek coal project in Jefferson County, Alabama, and for general working capital.
Closing of the transaction is subject to a number of conditions precedent, including final acceptance of the Exchange, and GRIT successfully listing on the LSE.
For the past year the Company has been working to obtain a mining permit for the Black Creek project. All of the work required to obtain the permit is substantially complete. The Company anticipates the permit will be issued in due course.
Global Met Coal Corporation is an exploration and development company currently focusing on the acquisition of advanced stage properties with special emphasis on metallurgical coal projects. The Company's strategy is to maximize shareholder value through successful exploration and development.
Neither the 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.
Global Met Coal Corporation
CEO, President & Director
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