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    width="80%" colSpan=7>&nbsp;</TD></TR>
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    <TD vAlign=top align=middle width="80%" colSpan=7>&nbsp;</TD></TR>
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      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>UNITED
      STATES</STRONG></FONT></DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>SECURITIES
      AND EXCHANGE COMMISSION</STRONG></FONT></DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Washington,
      D.C. 20549</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="80%" colSpan=7>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=top align=middle
      width="30%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=top align=middle
    width="50%" colSpan=5>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=top align=middle
      width="27%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=middle width="80%" colSpan=7>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=middle width="80%" colSpan=7>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>FORM
      8-K<BR></STRONG></FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>CURRENT
      REPORT</STRONG></FONT></DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of
      1934</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="80%" colSpan=7>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=middle width="80%" colSpan=7>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of Report (Date of earliest event reported) </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>April
      7, 2005</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="80%" colSpan=7></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="80%" colSpan=7>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>GLOBAL
      NATIONAL COMMUNICATIONS CORP.</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="80%" colSpan=7>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      name of registrant as specified in its charter)</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="80%" colSpan=7>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=middle width="30%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>NEVADA</STRONG></FONT></DIV></TD>
    <TD vAlign=top align=middle width="2%">&nbsp;</TD>
    <TD vAlign=top align=middle width="16%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>000-50120</STRONG></FONT></DIV></TD>
    <TD vAlign=top align=middle width="2%">&nbsp;</TD>
    <TD vAlign=top align=middle width="30%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>N/A</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="30%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
      or other jurisdiction of incorporation)</FONT></DIV></TD>
    <TD vAlign=top align=middle width="2%">&nbsp;</TD>
    <TD vAlign=top align=middle width="16%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
      File No.)</FONT></DIV></TD>
    <TD vAlign=top align=middle width="2%">&nbsp;</TD>
    <TD vAlign=top align=middle width="30%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
      Employer ID)</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="80%" colSpan=7>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>:2/F
      Hang Wei Bldg.</STRONG></FONT></DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Road
      2</STRONG></FONT></DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>North
      Hi-Tech Park</STRONG></FONT></DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Shenzhen,
      Guangdong</STRONG></FONT></DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Peoples
      Republic of China</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="80%" colSpan=7>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
      of principal executive offices and Zip Code)</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="80%" colSpan=7>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=middle width="80%" colSpan=7>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>(86755)
      26994588</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="80%" colSpan=7>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant's
      telephone number, including area code)</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="80%" colSpan=7>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="80%" colSpan=7>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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):</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="80%" colSpan=7>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="80%" colSpan=7>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><FONT
      face=Wingdings>o</FONT>&nbsp; Written communications pursuant to Rule 425
      under the Securities Act (17 CFR 230.425)</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="80%" colSpan=7>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="80%" colSpan=7>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><FONT
      face=Wingdings>o</FONT>&nbsp; Soliciting material pursuant to Rule 14a-12
      under the Exchange Act (17 CFR 240.14a-12)</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="80%" colSpan=7>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="80%" colSpan=7>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><FONT
      face=Wingdings>o</FONT>&nbsp; Pre-commencement communications pursuant to
      Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b))</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="80%" colSpan=7>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="80%" colSpan=7>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><FONT
      face=Wingdings>o</FONT>&nbsp; Pre-commencement communications pursuant to
      Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c))</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="80%" colSpan=7>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 double" vAlign=top align=left width="80%"
    colSpan=7>&nbsp;</TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT size=2></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>ITEM
1.01 &nbsp; &nbsp; ENTRY INTO A MATERIAL AGREEMENT</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>
<DIV>&nbsp;</DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 54pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On April
7, 2005,&nbsp;<FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Global
National Communications Corp. (</FONT>the &#8220;Registrant&#8221;) entered into a
Securities Purchase Agreement (the &#8220;Stock Purchase Agreement&#8221;) with the
Purchasers listed in Schedule 1 thereto providing for the issuance by the
Registrant to the Purchasers of up to $7,000,000 8% Fixed Price Convertible
Debentures (the &#8220;Debentures&#8221;). Subject to certain provisions described below,
the Debentures are convertible, at the option of the holder, at a conversion
price of $4.00 (the &#8220;Conversion Price&#8221;).&nbsp;<FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;If
at the close of trading on the tenth trading day following the effective date of
the Registration Statement (defined below), the closing price of the
Registrant&#8217;s common stock is less than $5.00 or the volume weighted average
price for the previous ten trading days is less than $5.00, the Conversion Price
will be reset to $3.50. </FONT></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The term
of the Debentures is three years from the date of issuance. Commencing six
months from the closing the Registrant is required to reduce the principal
amount on the Debentures by 1/10th per quarter, payable in cash or shares if the
shares are: (1) covered by the Registration Statement (defined below);&nbsp; and
(2) the closing price for the Registrant&#8217;s shares is at least 110% of the
Conversion Price for each of the five trading days prior to the payment date.
</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Registrant&nbsp;may redeem the Debentures u</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">pon at
least twenty days prior written notice, assuming the shares issuable upon
conversion of the Debentures have been registered and the trading price of the
Registrant&#8217;s shares, subject to volume limitations, exceeds 200% of the
Conversion Price for a period of ten days.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 54pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As a
condition to the closing, certain of the Registrant&#8217;s shareholders entered into
a pledge agreement (the &#8220;Pledge Agreement&#8221;) pursuant to which such shareholders
agreed to pledge 100,000 shares as collateral for each $1,000,000 of the
Debentures sold.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 54pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
connection with the Debentures, the Registrant shall issue warrants (the
&#8220;Warrants&#8221;) to purchase up to 100% of the shares issuable upon conversion of the
Debentures. The Warrants have an exercise price of $4.50 per
shares.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 54pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On April
7, 2005, the Registrant also entered into a Registration Rights Agreement with
the investors signatory thereto, which provides that on or prior to 45 days
after a closing, of which one occurred on April 7, 2005, the Registrant shall
prepare and file with the Commission a registration statement (&#8220;Registration
Statement&#8221;) covering the resale of all of the Registrable Securities (defined as
the shares issuable upon conversion of the Debentures and the shares issuable
upon exercise of the Warrants). If the registration statement is not filed
within 45 days or is, for any reason, not declared effective within 120 days,
the Registrant shall pay liquidated damages to the investors. Such damages shall
be paid in cash in an amount equal to .5% of the aggregate amount of the
Debentures purchased by the investor for the first 30 days (or part thereof)
after either the filing date or effective date of the Registration Statement,
and for any subsequent 30-day period (or part thereof), thereafter.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
investors have contractually agreed to restrict their ability to convert the
Debentures and exercise the warrants and receive shares of the Registrant&#8217;s
common stock such that the number of shares of the Registrant held do not exceed
9.9% of the Registrant&#8217;s issued and outstanding shares.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT size=2></FONT>&nbsp;</DIV></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR><FONT size=2></FONT>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>ITEM
2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT</STRONG></FONT></DIV>
<DIV></DIV></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
information included in Items 1.01 and 3.02 of this current report on Form 8-K
are incorporated by reference into this Item 2.03 of this current report on Form
8-K.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>ITEM
3.02 &nbsp; &nbsp;UNREGISTERED SALES OF EQUITY SECURITIES</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 54pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On April
7, 2005, pursuant to the Securities Purchase Agreement, the Registrant sold to
the Purchasers, pursuant to Section 4(2) of the Securities Act of 1933, as
amended (the "Securities Act"), and Rule 506 promulgated thereunder, $2,205,000
aggregate amount of the Debentures and issued Warrants to purchase up to 100% of
the shares issuable upon conversion of the Debentures. Duncan Capital
LLC&nbsp;received&nbsp;commissions for &nbsp;serving as placement agent in the
amount of $176,400.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>ITEM
9.01 &nbsp; &nbsp; FINANCIAL STATEMENTS AND EXHIBITS</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>(c)</STRONG></FONT></DIV></TD>
    <TD vAlign=top align=left width="95%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Exhibits</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="95%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Exhibit
      No.</STRONG></FONT></DIV></TD>
    <TD vAlign=top align=left width="85%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Title</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="10%">&nbsp;</TD>
    <TD vAlign=top align=left width="85%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1</FONT></DIV></TD>
    <TD vAlign=top align=left width="85%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
      Purchase Agreement, dated as of April 7, 2005</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.2</FONT></DIV></TD>
    <TD vAlign=top align=left width="85%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration
      Rights Agreement, dated as of April 7, 20005</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.3</FONT></DIV></TD>
    <TD vAlign=top align=left width="85%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pledge
      Agreement, dated as of April 7, 2005</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.4</FONT></DIV></TD>
    <TD vAlign=top align=left width="85%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
      of 8% Fixed Price Convertible Debentures</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.5</FONT></DIV></TD>
    <TD vAlign=top align=left width="85%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
      of Warrant issued in connection with the 8% Fixed Price Convertible
      Debentures</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 54pt"></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">-2-</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT size=2></FONT><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>SIGNATURES</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center>
<TABLE cellSpacing=0 cellPadding=0 width="100%" bgColor=#ffffff border=0>
  <TR vAlign=top bgColor=#ffffff>
    <TD width="50%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD width="1%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD width="49%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD><FONT face="Times New Roman" size=2>Dated this 11th day of April,
      2005.</FONT></TD>
    <TD colSpan=2><FONT face="Times New Roman" size=2><STRONG><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>GLOBAL
      NATIONAL COMMUNICATIONS CORP.</STRONG></FONT></STRONG></FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD><FONT face="Times New Roman" size=2></FONT></TD>
    <TD><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>/s/&nbsp;Wang
Hanquing</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD colSpan=2><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD align=left>
      <HR align=left width="80%" color=#000000 noShade SIZE=2>
    </TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD colSpan=2><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Wang
      Hanquing, President and Chief Executive
Officer,</FONT>&nbsp;</FONT></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV></DIV></BODY></HTML>
{"company-data": {"conformed-name": "Global National Communications Corp.", "cik": "0001134018", "assigned-sic": "1000", "irs-number": "000000000", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50120", "film-number": "05744718"}, "business-address": {"street1": ":2/ HANG WEI BUILDING, ROAD 2", "street2": "NORTH HI-TECH PARK", "city": "SHENZHEN, GUANGDONG", "state": "F4", "zip": "518000", "phone": "8675586994588"}, "mail-address": {"street1": ":2/ HANG WEI BUILDING, ROAD 2", "street2": "NORTH HI-TECH PARK", "city": "SHENZHEN, GUANGDONG", "state": "F4", "zip": "518000"}, "former-company": [{"former-conformed-name": "ZEOLITE MINING CORP.", "date-changed": "20040907"}, {"former-conformed-name": "ZEOLITE MINING CORP", "date-changed": "20010207"}]}
Unassociated Document
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)
April
      7, 2005
GLOBAL
      NATIONAL COMMUNICATIONS CORP.
(Exact
      name of registrant as specified in its charter)
NEVADA
000-50120
N/A
(State
      or other jurisdiction of incorporation)
(Commission
      File No.)
(IRS
      Employer ID)
:2/F
      Hang Wei Bldg.
Road
      2
North
      Hi-Tech Park
Shenzhen,
      Guangdong
Peoples
      Republic of China
(Address
      of principal executive offices and Zip Code)
(86755)
      26994588
(Registrant's
      telephone number, including area code)
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):
o
Written communications pursuant to Rule 425
      under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12
      under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to
      Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b))
o
Pre-commencement communications pursuant to
      Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c))
ITEM
1.01     ENTRY INTO A MATERIAL AGREEMENT
On April
7, 2005,
Global
National Communications Corp. (
the "Registrant") entered into a
Securities Purchase Agreement (the "Stock Purchase Agreement") with the
Purchasers listed in Schedule 1 thereto providing for the issuance by the
Registrant to the Purchasers of up to $7,000,000 8% Fixed Price Convertible
Debentures (the "Debentures"). Subject to certain provisions described below,
the Debentures are convertible, at the option of the holder, at a conversion
price of $4.00 (the "Conversion Price").
If
at the close of trading on the tenth trading day following the effective date of
the Registration Statement (defined below), the closing price of the
Registrant's common stock is less than $5.00 or the volume weighted average
price for the previous ten trading days is less than $5.00, the Conversion Price
will be reset to $3.50.
The term
of the Debentures is three years from the date of issuance. Commencing six
months from the closing the Registrant is required to reduce the principal
amount on the Debentures by 1/10th per quarter, payable in cash or shares if the
shares are: (1) covered by the Registration Statement (defined below);  and
(2) the closing price for the Registrant's shares is at least 110% of the
Conversion Price for each of the five trading days prior to the payment date.
The
Registrant may redeem the Debentures u
pon at
least twenty days prior written notice, assuming the shares issuable upon
conversion of the Debentures have been registered and the trading price of the
Registrant's shares, subject to volume limitations, exceeds 200% of the
Conversion Price for a period of ten days.
As a
condition to the closing, certain of the Registrant's shareholders entered into
a pledge agreement (the "Pledge Agreement") pursuant to which such shareholders
agreed to pledge 100,000 shares as collateral for each $1,000,000 of the
Debentures sold.
In
connection with the Debentures, the Registrant shall issue warrants (the
"Warrants") to purchase up to 100% of the shares issuable upon conversion of the
Debentures. The Warrants have an exercise price of $4.50 per
shares.
On April
7, 2005, the Registrant also entered into a Registration Rights Agreement with
the investors signatory thereto, which provides that on or prior to 45 days
after a closing, of which one occurred on April 7, 2005, the Registrant shall
prepare and file with the Commission a registration statement ("Registration
Statement") covering the resale of all of the Registrable Securities (defined as
the shares issuable upon conversion of the Debentures and the shares issuable
upon exercise of the Warrants). If the registration statement is not filed
within 45 days or is, for any reason, not declared effective within 120 days,
the Registrant shall pay liquidated damages to the investors. Such damages shall
be paid in cash in an amount equal to .5% of the aggregate amount of the
Debentures purchased by the investor for the first 30 days (or part thereof)
after either the filing date or effective date of the Registration Statement,
and for any subsequent 30-day period (or part thereof), thereafter.
The
investors have contractually agreed to restrict their ability to convert the
Debentures and exercise the warrants and receive shares of the Registrant's
common stock such that the number of shares of the Registrant held do not exceed
9.9% of the Registrant's issued and outstanding shares.
ITEM
2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
The
information included in Items 1.01 and 3.02 of this current report on Form 8-K
are incorporated by reference into this Item 2.03 of this current report on Form
8-K.
ITEM
3.02    UNREGISTERED SALES OF EQUITY SECURITIES
On April
7, 2005, pursuant to the Securities Purchase Agreement, the Registrant sold to
the Purchasers, pursuant to Section 4(2) of the Securities Act of 1933, as
amended (the "Securities Act"), and Rule 506 promulgated thereunder, $2,205,000
aggregate amount of the Debentures and issued Warrants to purchase up to 100% of
the shares issuable upon conversion of the Debentures. Duncan Capital
LLC received commissions for  serving as placement agent in the
amount of $176,400.
ITEM
9.01     FINANCIAL STATEMENTS AND EXHIBITS
(c)
Exhibits
Exhibit
      No.
Title
4.1
Securities
      Purchase Agreement, dated as of April 7, 2005
4.2
Registration
      Rights Agreement, dated as of April 7, 20005
4.3
Pledge
      Agreement, dated as of April 7, 2005
4.4
Form
      of 8% Fixed Price Convertible Debentures
4.5
Form
      of Warrant issued in connection with the 8% Fixed Price Convertible
      Debentures
-2-
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 this 11th day of April,
      2005.
GLOBAL
      NATIONAL COMMUNICATIONS CORP.
By:
/s/ Wang
Hanquing
Wang
      Hanquing, President and Chief Executive
Officer,