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GLOBAL NATURAL RESOURCES RECEIVES FUNDS FROM HAMBROS TRUST

 HOUSTON, Aug. 20 /PRNewswire/ -- Global Natural Resources Inc. (NYSE: GNR) today reported that it has received $19,149,000 from the Hambros Channel Islands Trust Corporation Limited ("Hambros"). Hambros acts as trustee under a trust designed to implement the exchange of bearer shares issued by Global's predecessor, a United Kingdom company, for the company's common stock.
 Under the terms of the arrangement with Hambros, Global elected to draw down the $19,149,000 in the Trust in the form of an interest free loan, which will be repayable on demand only to the extent necessary to redeem bearer shares presented for exchange during the next 15 years. Each bearer share presented during this period will be redeemed for $6.69. In July 2008, the obligation of the company to holders of bearer shares will cease, the interest free loan will terminate and the remaining balance will revert to the ownership of the company.
 Until July 29, 1993, holders of bearer shares were entitled to receive, at their election, either cash or Global common stock on a share-for-share basis. For the year ended Dec. 31, 1992, 17,247 bearer shares were exchanged for cash, while 66,965 were exchanged for common stock.
 Global Natural Resources is engaged in worldwide oil and gas exploration and production and in natural gas gathering, processing and marketing. The company has operations and interests in North America, Tatarstan -- Russia, Indonesia, Malaysia and the Ivory Coast.
 -0- 8/20/93
 /CONTACT: Robert F. Vagt or Eric Lynn Hill of Global Natural Resources Inc., 713-880-5464/
 (GNR)


CO: Global Natural Resources Inc. ST: Texas IN: OIL SU:

SH -- NY014 -- 4639 08/20/93 09:45 EDT
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Publication:PR Newswire
Date:Aug 20, 1993
Words:277
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