Global Geoscience Limited announced that under the terms of the Mandate, Cygnet will manage a placement to sophisticated and professional investors to raise a total of $1,000,000 through the issue of 500,000,000 shares at a price of $0.002 per share. In conjunction with completing the placement, the Company is also proposing to undertake a restructure of its board with existing board members, Mr. Robert Reynolds and Mr. Peter Nicholson stepping down from their positions. The outgoing directors are set be replaced by Mr. Barnaby Egerton-Warburton and Mr. Gabriel Chiappini.

Mr. Egerton-Warburton brings strong commercial skills from his experience in the investment banking industry. In addition to this nomination, Barnaby is also currently the Managing Director of Eneabba Gas Limited and a Non-Executive Director of iSignthis Limited. In addition to this nomination, Gabriel is also currently the Non-Executive Chairman of DMY Capital Limited and a Non- Executive Director of Black Rock Mining Limited and Sunbird Energy Limited.