GEMC:CC - Global Energy Metals Announces Closing of Upsized Private Placement
(TheNewswire)
Vancouver, BC / TheNewswire / July22, 2024 / Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF |FSE:5GE1 (“Global Energy Metals”, the “Company” and/or“GEMC”) , a multi-jurisdictional,multi-commodity critical mineral exploration and development andproject generating company focused on growth-oriented projectssupporting the global transition to clean energy, is pleased toannounce that, further to its news releases dated July 16,2024 and July 17,2024 , it intends toclose, subject to TSX Venture Exchange approval, its previouslyannounced upsized non-brokered private placement (the"Offering" and/or “Private Placement”) of units of theCompany (the "Units") at a price of $0.03 per Unit. EachUnit consists of one common share in the capital of the Company (a"Share") and one-half of one transferable Share purchasewarrant (each whole warrant, a "Warrant"). Each Warrantentitles the holder thereof to purchase one additional Share (a"Warrant Share") at a price of $0.05 per Warrant Share for aperiod of 24 months from the date of issuance, subject to acceleratedexpiry as outlined below. The total amount of the Private Placementconsists of 21,650,000 Units for aggregate gross proceeds of$649,500.
Commenting on theOffering, CEO and President Mitchell Smith said:
" I am very pleased by the response to ourrecently announced private placement financing. To accommodate severalexisting strategic investors, we were pleased to increase the offeringand close on this upsized financing."
If on any 10 consecutive Trading Days occurring afterfour months and one day has elapsed from the Closing Date, the dailyvolume weighted average trading price of the common shares of theCompany is at least $0.10 per share, the Company may accelerate theexpiry date of the Warrants to the 30th day after the date on whichthe Company gives notice to the Subscriber in accordance with theWarrant of such acceleration.
The Company intends to use the net proceeds of theOffering for general corporate purposes, exploration activities, andproject holding costs. It is expected the majority of the proceedswill be used for general corporate purposes with no other specific userepresenting 10% or more of the gross proceeds of the Offering. Noneof the proceeds from the Offering will be used for payments tonon-arm's length parties of the Company other than normal coursecompensation of its officers, directors, employees and consultants aspart of general corporate purposes, or to persons conducting investorrelations activities.
In connection with the closing, insidersof the Company subscribed for a total of 17,533,333 Units, for asubscription price of $526,000, under the Private Placement (the"Insider Subscription"). The Insider Subscriptionconstitutes a "related party transaction" within the meaningof Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"). The Companyhas relied on the exemptions from the formal valuation and minorityshareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a),respectively, in respect of the Insider Subscription as the fairmarket value of the Units issued to insiders in connection with thePrivate Placement does not exceed 25% of the market capitalization ofthe Company, as determined in accordance with MI 61- 101. The Companydid not file a material change report in respect of the related partytransaction at least 21 days before the closing of the PrivatePlacement, which the Company deems reasonable in the circumstances inorder to complete the Private Placement in an expeditiousmanner.
All references to currency in this newsrelease are to Canadian currency .
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 United States Securities Act of 1933, as amended(the "1933 Act"), or any state securities laws and may notbe offered or sold in the United States unless registered under the1933 Act and any applicable securities laws of any state of theUnited States or an applicable exemption from the registrationrequirements is available.
For FurtherInformation:
Global Energy MetalsCorporation
#1501-128 West PenderStreet
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 operations could be significantly adversely affected by theeffects of a widespread global outbreak of a contagious disease,including the recent outbreak of illness caused by COVID-19. It is notpossible to accurately predict the impact COVID-19 will have onoperations and the ability of others to meet their obligations,including uncertainties relating to the ultimate geographic spread ofthe virus, the severity of the disease, the duration of the outbreak,and the length of travel and quarantine restrictions imposed bygovernments of affected countries. In addition, a significant outbreakof contagious diseases in the human population could result in awidespread health crisis that could adversely affect the economies andfinancial markets of many countries, resulting in an economic downturnthat could further affect 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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