Vancouver, BC / TheNewswire / November 26, 2018 / Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy Metals”, the “Company” and/or “GEMC”) is pleased to announce that it has closed a second and final tranche tranche of the previously announced non-brokered private placement
The second tranche consisted of 2,603,193 units (the “Units”) at a price of $0.075 per Unit for gross proceeds of $195,239. In total 6,288,374 shares will be issued in conjunction with this financing with the Company raising an aggregate of $471,628.
Each Unit will be comprised of one common share of the Company (a “Share”) and one transferable common share purchase warrant (a “Warrant”). Each Warrant will be exercisable to purchase an additional Share of the Company for a period of 12 months from the closing date (“Closing Date”) at a price of CAD$0.15 subject to acceleration.
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.
Proceeds of the financing, which remains subject to final regulatory approval, will be used for marketing and general working capital purposes. A finder's fee is payable to qualified recipients as permitted by the TSX Venture Exchange.
An officer of the Corporation purchased an aggregate of 400,000 Units and, accordingly, the Financing is a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The participation of the officer is exempt from the formal valuation and minority shareholder approval requirements provided under 61-101 in accordance with sections 5.5(a) and 5.7(1)(a) of MI 61-101. The Company is relying on an exemption from the formal valuation requirements of MI 61-101 available because the fair market value of the participation in the Financing by the director does not exceed 25% of the Corporations market capitalization, as determined in accordance with MI 61-101. The Corporation did not file a material change report related to this Financing more than 21 days before the expected closing of the Financing as required by MI 61-101 since the details of the participation by the director was not settled until shortly prior to the closing of the Financing and the Corporation wished to close on an expedited basis for sound business reasons.
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 and is advancing the Werner Lake Cobalt Mine in Ontario, Canada and has entered into an agreement to earn-in to the Millennium Cobalt Project in Mt. Isa, Australia.
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.