VANCOUVER, BC / TNW-ACCESSWIRE / September 20th, 2016 / GLOBAL ENERGY METALS CORP. ( “ Global Energy Metals ” , the “ Company ” and/or "GEMC") is pleased to announce the closing of $1,593,223 of its previously announced private placement of Units (the "Offering"). The Company will issue of a total of 10,621,487 Units at a price of $0.15 per Unit.
The Company intends to use the net proceeds of the Offering to advance the Company’s wholly-owned Werner Lake Cobalt Project (“Werner Lake”) , including updating and completing a NI 43-101 compliant resource estimation and conducting metallurgical test work to confirm the ability to produce battery grade cobalt chemicals, complete the listing of the Company on the TSX Venture Exchange (the “TSXV) and for general working capital.
The Werner Lake property located in north western, Ontario, having historic production and extensive geological, engineering and metallurgical work conducted in the past, is regarded as one of North America’s only advanced primary cobalt projects.
Mitchell Smith, President & CEO commented:
"This is certainly just the beginning for Global Energy Metals. It is a pleasure to welcome this assembly of strong new investors into the company. Completing this financing is an endorsement to the exceptional team, the potential of our initial asset, Werner Lake and the company’s long-term growth strategy. We appreciate this vote of confidence from the incoming as well as the existing shareholders, and the extended team who helped make this close possible. Strengthened by this capital, we will now turn our attention to fulfilling our commitment and deliver value building corporate milestones for our company including completing the underlying work necessary to further advance Werner Lake."
Further to the Company's news release dated August 2nd, 2016, each "Unit" issued under the Offering is comprised of one common share (“Common Share”) of GEMC and one (1) transferable share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire an additional common share of GEMC (a “Warrant Share”) at a price of CAD $0.20 per share for period of twelve (12) months following the listing of the Company’s common shares on the Exchange. The Warrants will contain an acceleration provision, whereby in the event the daily volume weighted average trading price (the "VWAP") of the common shares of GEMC is at least $0.40 per share for 10 consecutive trading days, GEMC will have the right, exercisable within five trading days thereof, to accelerate the expiry date of the Warrants to the date which is 30 days after notice is given to the holders of the warrants of the accelerated expiry date and a news release to that effect is given.
On closing of the Offering, Finders were paid an aggregate commission comprised of $157,489 in cash and 328,600 in Finder’s Warrants. Each Finder’s Warrant will be exercisable to purchase one additional common share (the “Finder’s Warrant Shares”) at $0.20 per share for a period of one (1) year from the closing of the Offering.
All common shares issued under the Offering are subject to a hold period expiring January 20, 2017. Warrants will be subject to a hold period expiring four months and one day following the listing of the Company’s common shares on the Exchange.
Global Energy Metals Corporation:
Global Energy Metals is an aggregator of primary cobalt and other battery metals projects, creating an asset bank to ultimately supply market demand for the growing rechargeable battery market. GEMC is a pre-IPO reporting issuer that anticipates growing its business by acquiring project stakes in battery metals related projects with key strategic partners. GEMC currently owns the Werner Lake Cobalt Mine in Ontario, Canada.
For Further Information:
President & CEO
#1501-128 West Pender Street
Vancouver, BC, V6B 1R8
t. + 1 (604) 688-4219
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. 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.
We seek safe harbour.