Globe Capital Limited - Corporate, Board & Appointment of Corporate Advisor

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Globe Capital Limited

(“Globe Capital” or the “Company”)

AQSE: GCAP

Corporate Update, Board Changes & Appointment of Corporate Advisor

Particulars of the RIS

1. Corporate Update
2. Board Changes
3. Appointment of Corporate Advisor
4. Director Statement

1. Corporate Update

The Company’s ordinary shares were suspended earlier this year due to complications that arose with the issuer’s Depositary Interest function lapsing. During the subsequent months, the Board of Directors entered commercial discussions with various parties to develop a recapitalisation and corporate restructure strategy in order for the Company to progress, meaningfully.

During this period the Company has entered discussions with creditors of the Company in efforts to rationalise the Company’s balance sheet and expect to conclude these discussions in the coming weeks.

To this end, the two incoming Directors, Mr Burns Singh Tennent-Bhohi & Mr Simon Grant-Rennick have agreed to advance the Company £100,000 under a convertible loan note (“CLN”) to accelerate the recapitalisation and restructure (for which monies have been advanced to date as the Company continues to be actively recapitalised and restructured). The CLN shall be unsecured, bear no interest and mature upon the three year anniversary for which it was issued and be convertible at a price of £0.0004, requiring the consent of shareholders in approving amongst other resolutions the issue of equity.

The CLN will convert into ordinary shares of the Company, immediately on approval of the Annual General Meeting resolutions , for which posting will be announced in the coming weeks. Upon conversion of the CLN, the holders shall be granted 250,000,000 warrants to subscribe for new ordinary shares with a strike price of £0.0008 and a life to expiry of 5-years from date of grant.

The newly constituted Board expect to undertake further capital raising activities in the near future and to present the newly formed corporate strategy at the upcoming Annual General Meeting for the Company that the Directors intend to post in the coming weeks.

1. Board Changes

The Board would like to welcome the appointments of, Mr Burns Singh Tennent-Bhohi (Executive Director) & Mr Simon Grant-Rennick (Executive Chairman) both of whom have led this recapitalisation and restructure with the Board of Globe.

In conjunction with their appointments Mr Darren Edmonston will become a Non-Executive Director and Mr David Barnett will retire his role from the Board of Directors effective immediately.

The Board would like to extend their well wishes to David and thank him for his services.

Burns Singh Tennent-Bhohi (Executive Director)

Burns Singh Tennent-Bhohi is the founder & CEO of The Glenpani Group, an international private venture capital business based in London/UK. Glenpani's principal focus is the evaluation and augmentation of distressed-asset opportunities and private-transaction/investment origination. Glenpani Group cornerstone-invest, originate transactions and provide corporate consultancy to international companies both private and public including; AQSE, AIM, TSX-V, CSE & ASX.

Burns assumes a number of directorships of both private and public companies and his current appointments in public interest companies include: Chairman of Oscillate plc (AQSE: MUSH), CEO and a Director of, Evrima plc (AQSE: EVA) and Director of Igraine plc (AQSE: KING) and have included: Forum Energy Metals Corp. (TSX-V: FMC), in 2019 FMC executed a $30,000,000 project earn-in agreement with Rio Tinto on its Janice Lake sedimentary copper project and a $6,000,000 project earn-in with Orano & the CEO and a Director of IamFire plc (AQSE: FIRE)

Active in North American capital markets, Burns is also the founder of LC, a specialised private investment vehicle that syndicates and connects global capital investment for private transaction origination & pre-IPO opportunities.

Glenpani Group maintains an extensive international network that includes corporate brokers/financiers, investment bankers, merchant banks, UHNWIs, project financiers, asset-banks and technical teams. Burns graduated from the University of Glasgow with a degree in Economics/Social Sciences.

Except as set out above, there is no further information regarding Burns Singh Tennent-Bhohi, that is required to be disclosed pursuant to Rule 4.9 of the AQSE Growth Market Access Rulebook.

Simon Grant-Rennick (Executive Chairman)

Simon graduated from the Camborne School of Mines (Bsc Mining Engineering [hons], ACSM) and has been actively involved in the mining and metal trading industry for over 30-years. During this time Simon has served Board & Management roles for both private and public (LSE, ASX, AQSE) entities globally. 

Simon has extensive experiences in the industrial and non-ferrous metal industry which includes a successfully operating Falconbridge Internationals non-ferrous trading arm. 

Simon maintains a number of Board & Management Roles across industries including; agriculture, property, technology & the mining sector, including; All Active Asset Capital Ltd (AIM: AAA), U.K. Spac plc (AIM: SPC), Evrima plc (AQSE: EVA) and was most recently the Executive Chairman of Quetzal Capital plc (AQSE: QTZ).

Simon Richard de Clanay Grant-Rennick, aged 63, has held the following current and former Directorships in the past 5-years:

Mr Grant-Rennick was a director of Glyncastle plc (previously Unity Power plc) and two of its subsidiaries, Glyncastle Mining Limited (previously Horizon Mining Limited) and Glyncastle Resource Limited (previously Unity Mine Limited), when these three companies went into administration on 30 October 2013. Statements of affairs for each of these companies dated 13 December 2013 stated an aggregate estimated deficiency as regards creditors of £172,966,671. A Receiver was appointed to Glyncastle plc on 23 May 2018 and Mr Grant-Rennick ceased to be a director of this company on 27 January 2020. Glyncastle Mining Limited and Glyncastle Resource Limited both entered into Company Voluntary Arrangements on 7 October 2016 and Mr Grant-Rennick ceased to be a director of both companies on 24 January 2018.

Mr Grant-Rennick was a director of Oakland Investments (UK) Limited from 30 January 1995 until 8 August 1995. This company entered into voluntary creditors liquidation on 14 November 1995.

Except as set out above, there is no further information regarding Simon Richard de Clanay Grant-Rennick, that is required to be disclosed pursuant to Rule 4.9 of the AQSE Growth Market Access Rulebook.

1. Appointment of Corporate Advisor

The Company is pleased to announce that Peterhouse Capital Limited has been appointed as the Company’s AQSE Growth Market Corporate Advisor and Corporate Broker with immediate effect. The Company wishes to thank First Sentinel for their many years of service to the Company.

1. Director Statement, Darren Edmonston

“I would like to take this opportunity to thank all members of the Globe team and the AQSE Growth Market Exchange in getting the Company to a point where it has a new direction, the introduction of fresh capital investment and the appointment of two Directors that have been pivotal in driving this change at the Company. I am excited to progress this Company and look forward to providing our shareholders with further updates.

I would like to also take this opportunity to thank retiring Director, David Barnett for his services to the Company and wish him well with his future endeavours.”

The Directors of the Company, who have issued this RIS announcement after due and careful enquiry, accept responsibility for its content.

For further information

COMPANY:

Globe Capital Limited

Darren Edmonston

+1-855-280-6793

CORPORATE ADVISER:

Peterhouse Capital Limited

Guy Miller / Mark Anwyl

Tel: +44 (0) 207 469 0930