Vancouver, BC / TheNewswire / April 10, 2019 / Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy Metals”, the “Company” and/or “GEMC”) is pleased to report that 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.
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.
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.