Vancouver, BC / TheNewswire / March 25, 2022 / Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy Metals”, the “Company” and/or “GEMC”), a company involved in investment exposure to the battery metals supply chain, is pleased to announce that, further to the March 7th, 2022 news release announcing the closing of the first tranche of the Private Placement (the "Private Placement"), it has closed the second and final tranche (the "Second Tranche") of a non-brokered private placement for aggregate gross proceeds of $165,625, subject to final acceptance of the TSX Venture Exchange.
In total, 4,882,500 Units were issued for both tranches of the Private Placement, for aggregate gross proceeds of C$1,220,625.
Global Energy Metals CEO and President, Mitchell Smith, commented:
"We are very pleased to have completed this oversubscribed private placement. The placement was oversubscribed by a total of $220,625 above the original goal of $1 million. The additional interest in this placement signifies the continually increasing interest in not only the battery metals market but Global Energy itself. With the financing closed the companies' technical team can continue to advance our Nevada-based Lovelock and Treasure Box projects and all exploration planned for 2022."
The net proceeds of the Private Placement will be directed toward further exploration and development of its battery mineral properties with a focus on the Lovelock Mine and Treasure Box projects in Nevada, USA. Funds will also be used to support potential future acquisitions as well as for general corporate and working capital purposes allowing for ongoing growth strategy execution.
The Second Tranche of the Private Placement consists of the issuance of 662,500 units of the Company (each a "Unit") at a price of $0.25 per Unit totaling C$165,625 with a full transferable warrant at a price of $0.40 for 24 months. Each Unit is comprised of one common share in the capital of the Company (a "Common Share"), and one Common Share purchase warrant (each a "Warrant").
Completion of the Private Placement is subject to a number of conditions, including without limitation, receipt of TSX Venture Exchange ("TSXV") approval.
The Company will pay finder's fees in accordance with the policies of the TSXV consisting of a cash commission equal to up to 8% of the gross proceeds raised under the Private Placement and finder warrants ("Finder Warrants") in an amount equal to up to 8% of the number of Units sold pursuant to the Private Placement. Each Finder Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.40 per share for a period of one year. Total fees paid to all Finders for the Second Tranche comprise C$1,200 and 4,800 Finder Warrants.
All securities issued on closing of the Second Tranche of the Private Placement will be subject to a statutory hold period expiring July 26, 2022 (four-months and one day from closing). All Warrants, excluding Finder Warrants, issued pursuant to the Second Tranche will expire on March 24, 2024. Finder Warrants will expire on March 24, 2023.
The securities to be 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 Corporation
(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals Corp. offers investment exposure to the growing rechargeable battery and electric vehicle market by building a diversified global portfolio of exploration and growth-stage battery mineral assets.
Global Energy Metals recognizes that the proliferation and growth of the electrified economy in the coming decades is underpinned by the availability of battery metals, including cobalt, nickel, copper, lithium and other raw materials. To be part of the solution and respond to this electrification movement, Global Energy Metals has taken a ‘consolidate, partner and invest’ approach and in doing so have assembled and are advancing a portfolio of strategically significant investments in battery metal resources.
As demonstrated with the Company’s current copper, nickel and cobalt projects in Canada, Australia, Norway and the United States, GEMC is investing-in, exploring and developing prospective, scaleable assets in established mining and processing jurisdictions in close proximity to end-use markets. Global Energy Metals is targeting projects with low logistics and processing risks, so that they can be fast tracked to enter the supply chain in this cycle. The Company is also collaborating with industry peers to strengthen its exposure to these critical commodities and the associated technologies required for a cleaner future.
Securing exposure to these critical minerals powering the eMobility revolution is a generational investment opportunity. Global Energy Metals believe the the time to be part of this electrification movement.
For Further Information:
Global Energy Metals Corporation
#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. 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.
GEMC’s operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.
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.