UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) December 19, 2006
Global Gold Corporation
(Exact name of registrant as specified in its charter)
Delaware 02-69494 13-3025550
-------- -------- ----------
(State or other jurisdiction (Commission (IRS
of incorporation) File Number) Identification No.)
45 East Putnam Avenue, Greenwich, CT 06830
---------------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (203) 422-2300
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 133-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On December 19, 2006, Global Gold Corporation (the "Company") through its wholly
owned subsidiary Global Gold Mining, LLC ("GGM") entered a "Restructuring,
Royalty, and Joint Venture Termination Agreement" with Caucasus Resources Pty.
Ltd. ("CR") a wholly owned subsidiary of Australia based and ASX listed Iberian
Resources Limited ("Iberian"). The Agreement restructures the parties' Aigedzor
Mining Company Joint Venture to transfer GGM's 20% interest to CR in exchange
for: one million dollars; a 2.5% Net Smelter Return royalty payable on all
products produced from the Lichkvaz and Terterasar mines as well as from any
mining properties acquired in a 20 kilometer radius of the town of Aigedzor in
southern Armenia; and five million shares of Iberian's common stock, which are
restricted for one year. If the average closing market price for Iberian shares
Common Stock for any consecutive period of thirty trading days during the one
year restriction period shall drop below AUS$0.50, GGM shall, subject to the
receipt by Iberian of any necessary approvals under the Listing Rules of
Australian Stock Exchange Limited, promptly receive from Iberian an additional
2.5 million shares of Iberian's common stock. GGM retains the right to
participate up to 20% in any new projects undertaken by Iberian or its
affiliates in Armenia until August 15, 2015, all as described in the exhibit
below.
Item 2.01 Completion of Acquisition or Disposition.
The information provided in item 1.01 is incorporated herein by reference.
Exhibit No.
10.3 Material Contract - Restructuring, Royalty, and Joint Venture Termination
Agreement Between Global Gold Mining, LLC And Caucasus Resources Pty. Ltd. dated
as of December 19, 2006.
99.1 Press Release
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: December 20, 2006, Global Gold Corporation
By: /s/Drury J. Gallagher
---------------------
Name: Drury J. Gallagher
Title: Chairman, Chief Executive
Officer and Treasurer