VANCOUVER, British Columbia, Aug. 4, 2004 (PRIMEZONE) -- Globetech Ventures Corp. (OTCBB:GTVCF) (the "Company") is pleased to announce that it has completed a private placement with two well respected Canadian investment funds. The initial funding package is in the amount of US$300,000 representing a total of 697,674 units. Each unit comprises one common share at a purchase price of US$0.43 and one share purchase warrant exercisable at the price of US$0.5375 to 28th July 2005, and US$0.6375 to 28th March 2006. Under the terms of the financing, the investment funds also have the option to exercise the right to invest an additional US$300,000 within 120 days through an additional warrant. The funds have expressed a strong interest in providing additional funding in order to advance Globetech's projects and have a legal right of first refusal in this regard. A finder's fee of 8% is payable on the initial funding of US$300,000.
The proceeds from the private placement will be applied to fund the initial exploration phase on the Company's mineral claims in Amapa State, Brazil. Globetech's Brazilian subsidiary Braz Gold LtdA currently holds title to approximately 197,000 acres of mineral claims prospective for gold and other minerals including diamonds and base metals, in the prolific Vila Nova greenstone belt of south central Amapa State, Brazil.
Legal Notice Regarding Forward Looking Statements
This press release contains "forward looking statements" including forward looking statements as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward looking statements and include any statements regarding beliefs, plans, expectations or intentions concerning the future. Forward looking statements in this press release include, but are not limited to statements regarding Globetech's anticipation that the mineral claims will prove to be economically viable on a going forward basis, and the Company's anticipation that it can successfully raise the capital necessary to acquire and exploit the mineral claims, with or without an equity offering.
It is important to note that the Company's actual outcomes may differ materially from those contained in the forward looking statements contained in this press release. Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations and intentions will prove to be accurate. Readers should refer to the risks disclosures outlined in Globetech's public filings with the Securities and Exchange Commission.