Global Energy Metals (TSXV:GEMC) Increases Private Placement for Proceeds of up to $750,000

 

Due to demand, the non-brokered private placement offering of up to 10,000,000 units at $0.05 per unit for gross proceeds of up to $500,000 previously announced in the Company’s news release April 4, 2019 (the “Private Placement”) has been increased to up to 15,000,000 units (the “Units”) at $0.05 per unit for gross proceeds of up to $750,000.

First published 10th March 2019
 

Global Energy Metals ups private placement by 50% thanks to interest in its cobalt assets

The junior miner raised its offering to 15 million shares priced at $0.05 apiece for gross proceeds of $750,000. It had previously offered 10 million shares at the same price for $500,000.

Each Unit consists of one common share of the Company and one transferable common share purchase warrant. Each warrant is exercisable to purchase an additional share of the Company for a period of 36 months from the closing date at a price of $0.10, subject to acceleration.

The Company intends to use the net proceeds from the offering to fund exploration and development activities at the Lovelock mine and Treasure Box projects in Nevada, as well as for general working capital requirements.

All securities issued in connection with the Private Placement will be subject to a statutory hold period of 4 months plus a day from the closing date in accordance with applicable securities legislation.

Warrants are subject to an acceleration clause whereby if on any 10 consecutive trading days occurring after four months and one day has elapsed from the closing date, the daily volume weighted average trading price of the common shares of the Company is at least $0.20 per share, the Company may accelerate the expiry date of the warrants to the 30th day after the date on which the Company gives notice to the subscriber in accordance with the warrant of such acceleration. Finders’ fees may be paid in connection with this offering.

Closing of the Private Placement is expected shortly and is subject to the approval of the TSXV.

 

Global Energy Metals Corporation
(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)

Global Energy Metals is focused on offering security of supply of cobalt, a critical material to the growing rechargeable battery market, by building a diversified global portfolio of cobalt assets including project stakes, projects and other supply sources.

GEMC anticipates growing its business by acquiring project stakes in battery metals related projects with key strategic partners. Global Energy Metals currently owns 70% of the Werner Lake Cobalt Mine in Ontario, Canada, has an option to acquire an 85% interest in two cobalt exploration projects in Nevada, 150km East of the Tesla Gigafactory, and has entered into an agreement to acquire 100% of the Millennium Cobalt Project and two neighbouring discovery stage exploration-stage cobalt assets in Mt. Isa, Australia.

 

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