GEMC:CC - Global Energy Metals Announces Closing of Oversubscribed Above-Market Private Placement
(TheNewswire)
Vancouver, BC - TheNewswire - July24, 2023 - Global Energy Metals Corporation ( TSXV:GEMC ) ( OTC:GBLEF ) ( FSE:5GE1 ) (“Global Energy Metals”, the “Company” and/or“GEMC”) , a multi-jurisdictional,multi-commodity critical mineral exploration and development companyfocused on growth-oriented battery metal projects supporting theglobal transition to clean energy, is pleased to announce that itintends to close on the previously announced non-brokered privateplacement (“Private Placement”) upon receipt of conditionalapproval from the TSX Venture Exchange approval.
Mitchell Smith, CEO and Director commented:
“ The Companyis extremely pleased to announce the closing of this oversubscribednon-brokered offering with significant insider participation at anabove-market price. We are excited to have Mr. Gleason increase hisownership in the Company and appreciate his support as GEMC’sinvestment exposure to battery metals strategy is beingrealized. ”
The Company will issue 3,165,608 shares at a price ofC$0.10 per common share for gross proceeds of C$316,561.
Insiders, including Gleason and Sons LLC, officers, anddirectors of the Company (collectively "Insiders") willparticipate as to 2,765,608 Common Shares, which participation willconstitute "related party transactions" for the purposes ofMultilateral Instrument 61-101, Protection of Minority SecurityHolders in Special Transactions. The Company will rely upon exemptionsfrom the requirement to obtain a formal valuation and seek minorityshareholder approval for the private placement on the basis that thefair market value of the Insiders' participation in the privateplacement will be less than 25% of the Company's current marketcapitalization.
The Company anticipates closing subject to receipt ofall necessary regulatory approvals including conditional approval fromthe TSX Venture Exchange.
The net proceeds from the sale of the Common Shareswill be used for project evaluation and for working capital andgeneral corporate purposes. The Common Shares will be issued on aprivate placement basis pursuant to exemptions from prospectusrequirements under applicable securities laws, and will be subject toa statutory hold period of four months and one day from the date ofissuance.
No finder’s fees will be paid in connection with thePrivate Placement.
This news release shall notconstitute an offer to sell or the solicitation of an offer to buy thesecurities in the United States nor shall there be any sale of thesecurities in any jurisdiction in which such offer, solicitation orsale would be unlawful. The securities have not been and will not beregistered under the UnitedStates Securities Act of 1933, as amended (the "1933 Act"),or any state securities laws and may not be offered or sold in theUnited States unless registered under the 1933 Act and any applicablesecurities laws of any state of the United States or an applicableexemption from the registration requirements is available.
For Further Information:
Global Energy Metals Corporation
#1501-128 West Pender Street
Vancouver, BC, V6B 1R8
Email: info@globalenergymetals.com
t. + 1 (604) 688-4219
www.globalenergymetals.com
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Global Energy Metals Corporation
(TSXV:GEMC |OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals Corp. offersinvestment exposure to the growing rechargeable battery and electricvehicle market by building a diversified global portfolio ofexploration and growth-stage battery mineral assets.
Global Energy Metalsrecognizes that the proliferation and growth of the electrifiedeconomy in the coming decades is underpinned by the availability ofbattery metals, including cobalt, nickel, copper, lithium and otherraw materials. To be part of the solution and respond to thiselectrification movement, Global Energy Metals has taken a‘consolidate, partner and invest’ approach and in doing so haveassembled and are advancing a portfolio of strategically significantinvestments in battery metal resources.
As demonstrated withthe 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 establishedmining and processing jurisdictions in close proximity to end-usemarkets. Global Energy Metals is targeting projects with low logisticsand processing risks, so that they can be fast tracked to enter thesupply chain in this cycle. The Company is also collaborating withindustry peers to strengthen its exposure to these criticalcommodities and the associated technologies required for a cleanerfuture.
Securing exposure tothese critical minerals powering the eMobility revolution is agenerational investment opportunity. Global Energy Metals believesNow is the Time to be part of this electrificationmovement.
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 toupdate these forward-looking statements in the event thatmanagement’s beliefs, estimates or opinions, or other factors,should change.
GEMC’s operationscould be significantly adversely affected by the effects of awidespread global outbreak of a contagious disease, including therecent outbreak of illness caused by COVID-19. It is not possible toaccurately predict the impact COVID-19 will have on operations and theability of others to meet their obligations, including uncertaintiesrelating to the ultimate geographic spread of the virus, the severityof the disease, the duration of the outbreak, and the length of traveland quarantine restrictions imposed by governments of affectedcountries. In addition, a significant outbreak of contagious diseasesin the human population could result in a widespread health crisisthat could adversely affect the economies and financial markets ofmany countries, resulting in an economic downturn that could furtheraffect operations and the ability to finance itsoperations.
For more informationon Global Energy and the risks and challenges of their businesses,investors should review the filings that are available atwww.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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