Vancouver, BC / TheNewswire / September 8, 2020 / Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy Metals”, the “Company” and/or “GEMC”) is pleased to announce that the Company will close a first tranche of its non-brokered private placement financing (the “Offering”) raising gross proceeds of $503,250. The Company will issue 4,026,000 units (“Units”) in this first tranche closing subject to Exchange approval.
Due to investor interest in the financing, the Company will look to raise an additional $100,000 in a second and final tranche of its non-brokered private placement financing for a total of up to 4,800,000 Units at $0.125 per Unit for gross proceeds of up to $600,000.
As previously announced in the news release of August 26, 2020, each Unit consists of one common share of the Company (a “Share”) and one transferable common share purchase warrant (a “Warrant”) with each Warrant exercisable to purchase an additional Share of the Company for a period of 36 months from the closing date (“Closing Date”) at a price of CAD$0.15.
The net proceeds of the Offering will be used to fund the acquisition of an 85% interest in the Lovelock and Treasure Box projects, two highly prospective battery mineral projects in Nevada with strong enrichment in nickel, copper and cobalt, as well as for business development and working capital purposes.
The Company has agreed to and may pay a finder’s fee of 8% cash and 8% broker warrants (“Broker Warrants”) for Units sold to certain investors (the “Finder’s Fees). Each Broker Warrant entitles the holder to acquire one common share of the Company at a strike price of $0.15 for a period of one year from the date of issuance.
Finder’ Fees in the amount of $16,260 and the issuance of 130,080 Broker Warrants will be paid in connection with the first tranche closing of the private placement subject to Exchange approval.
All securities to be issued pursuant to the Offering will be subject to a four month hold period from the closing date under applicable securities laws in Canada and among other things, receipt by Global Energy Metals of all necessary regulatory approvals, including the TSX Venture Exchange.
The securities issued in connection with the Offering have not been nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States or to an account for the benefit of US persons, absent such registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, sale, or solicitation would be unlawful.
Global Energy Metals Corp.
(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals provides investors and partners with exposure to the immediate need for metals critical to the new energy economy by building a diversified global portfolio of cobalt and battery metals rich projects in top-tier mining jurisdictions with exploration & development upside to become a supply chain solution to safe and reliable cobalt for downstream partners. Global Energy Metals holds 100% of the Millennium Cobalt Project and two neighbouring discovery stage exploration-stage cobalt assets in Mt. Isa, Australia. It also currently owns 70% of the Werner Lake Cobalt Mine in Ontario, Canada and has entered into an agreement to acquire an 85% interest in two cobalt-nickel-copper exploration projects in Nevada, 150km East of the Tesla Gigafactory.
For Further Information:
Global Energy Metals Corporation
#1501-128 West Pender Street
Vancouver, BC, V6B 1R8
t. + 1 (604) 688-4219 extensions 236/237
Cautionary Statement on Forward-Looking Information:
Certain information in this release may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with regulatory approvals and timelines. Although Global Energy Metals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management‘s beliefs, estimates or opinions, or other factors, should change. For more information on Global Energy and the risks and challenges of their businesses, investors should review the filings that are available at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
We seek safe harbour.