GBLEF - Global Energy Metals Announces Cancellation and Grant of Incentive Stock Options; Arranges Shares for Debt Settlement
(TheNewswire)
Vancouver, BC - TheNewswire - November 20, 2020 - Global Energy MetalsCorporation ( TSXV:GEMC ) | ( OTC:GBLEF ) | ( FSE:5GE1 ) ("Global Energy Metals", the"Company" and/or "GEMC ") announces that the Company will cancel anaggregate of 480,647 incentive stock options (the "CancelledOptions") including those held by certain directors, officers,advisors and consultants who have agreed to voluntarily return thesestock options to the Company.
The terms of Cancelled Options are as follows:
1 Takes into consideration ashare consolidation of all the issued and outstanding share capital ona 10 old for 1 new basis which took effect August 25,2020.
2 The exercise priceand the number of Shares issuable under the Company's outstandingstock options have been proportionately adjusted to reflect theConsolidation in accordance with the respective terms thereof.
In addition to the cancellation of these options andpursuant to its stock option plan, the Company has granted stockoptions to directors, officers, advisors and consultants of theCompany, in the amount of 1,175,000 common shares, exercisable at$0.275 per share for a period of five years vestingimmediately.
Granting of the options is subject to TSX VentureExchange approval.
Debt Settlement
The Company further announces that the board ofdirectors has approved the settlement of up to $76,180.45 of debtthrough the issuance of common shares of the Company (the "DebtSettlement"). Pursuant to the Debt Settlement, the Company wouldissue up to 277,020 common shares of the Company at a deemed price of$0.275 per share to certain creditors of the Company, includingcertain of its directors, officers and consultants (the"Creditors").
The issuance of the shares to the creditors is subjectto the approval of the TSX Venture Exchange. All securities issuedwill be subject to a four month hold periodwhich will expire on the date that is four months and one day from thedate of issue.
As certain insiders participated in the debtsettlement, it is considered to be a "related partytransaction" under Multilateral Instrument 61-101 - Protection ofMinority Security Holders in Special Transactions ("MI61-101"). All of the independent directors of the Company, actingin good faith, considered the transactions and have determined thatthe fair market value of the securities being issued to insiders andthe consideration being paid is reasonable. The Company intends torely on the exemptions from the valuation and minority shareholderapproval requirements of MI 61-101 contained in sections 5.5(b) and5.7(b) of MI 61-101.
Global Energy MetalsCorporation
(TSXV:GEMC |OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals is focused onoffering investment exposure to the raw materials deemed critical forthe growing rechargeable battery market, by building a diversifiedglobal portfolio of battery mineral assets including project stakesand sector specific equity positions. GEMC anticipates growing itsbusiness through the acquisition and development of battery mineralprojects alongside key strategic partners. The Company holds 100% ofthe Millennium Cobalt Project and two neighbouring discovery stageexploration-stage cobalt assets in Mount Isa, Australia positioning itas a leading cobalt-copper explorer and developer in the famed miningdistrict in Queensland, Australia. The Company is finalizing on theacquisition of an 85% interest in two battery mineral projects, theLovelock Cobalt Mine and Treasure Box Project, located on the doorstepof the world's largest lithium-ion battery production plant,GigaNevada that Tesla Motors Ltd. and partner Panasonic Corp. havebuilt in Nevada, USA. Additionally, the Company holds a 70% interest in the past-producingWerner Lake Cobalt Mine project in Ontario, Canada.
For FurtherInformation:
Global Energy MetalsCorporation
#1501-128 West PenderStreet
Vancouver, BC, V6B 1R8
Email: info@globalenergymetals.com
t. + 1 (604) 688-4219 extensions236/237
Twitter: @EnergyMetals | @USBatteryMetals | @ElementMinerals
Cautionary Statementon Forward-Looking Information:
Certain informationin this release may constitute forward-looking statements underapplicable securities laws and necessarily involve risks associatedwith regulatory approvals and timelines. Although Global Energy Metalsbelieves the expectations expressed in such forward-looking statementsare based on reasonable assumptions, such statements are notguarantees of future performance and actual results or developmentsmay differ materially from those in the forward-looking statements.Except as required by law, the Company undertakes no obligation to updatethese forward-looking statements in the event that management'sbeliefs, estimates or opinions, or other factors, should change. Formore information on Global Energy and the risks and challenges oftheir businesses, investors should review the filings that areavailable at www.sedar.com.
Neither TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibilityfor the adequacy or accuracy of this release.
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