GBLEF - Global Energy Metals Announces Early Warrant Exercise Incentive Program to Advance Battery Mineral Projects in The United States
(TheNewswire)
Vancouver, BC - TheNewswire - November 15, 2021 - Global Energy MetalsCorporation ( TSXV:GEMC ) | ( OTC:GBLEF ) | ( FSE:5GE1 ) (“Global Energy Metals”, the“Company” and/or “GEMC ”) , a company involved in investment exposure to the batterymetals supply chain, is pleased to announce that the Company will makean application to the TSX Venture Exchange (the “Exchange”) forapproval of the implementation of a proposed early warrant exerciseincentive program (the “Incentive Program”) intended to encouragethe early exercise of up to 4,794,000 outstanding share purchasewarrants (the “Eligible Warrants”) of the Company.
Proceeds of the Incentive Program willbe used to fund exploration expansion programs at the Company’sprojects in both Nevada and Idaho, USA and for general workingcapital. For more information on these programs please refer to thenews releases dated October 18,2021 and September 9,2021 .
Mitchell Smith,President and CEO, stated:
“ This is an opportunity for in-the-moneywarrant holders to exercise their Warrants early and receive a strongincentive to do so. It also provides additional capital to continuethe advancement of the Company’s corporate interests includingexpanding the existing work programs at the battery mineral richLovelock Cobalt Nickel Copper Mine and Treasure Box projects in Nevadaand the Monument Peak Copper-Silver-Gold project inIdaho. ”
The Eligible Warrants were originallyissued by the Company as part of units of the Company issued pursuantto the Company’s private placement financing completed on September 29,2020 . Each wholeEligible Warrant is currently exercisable to acquire one common shareof the Company at a price of $0.15 per share. Eligible Warrants willexpire on September 7 and September 28, 2023.
In order to encourage the early exerciseof such Eligible Warrants, the Company will be seeking approval of theExchange to an amendment to the terms of the Eligible Warrants toenable the holders to receive an Incentive Warrant (as defined anddescribed below) for each whole Eligible Warrant exercised on or priorto 4:00 p.m. (PST) for a period of 30 days from receipt of Exchangeacceptance (the “New Warrant Expiry Date”) at the price of $0.15per Eligible Warrant.
A portion of the Eligible Warrants areheld by insiders of the Company. Participation by any such insiders inthe Incentive Program may constitute a related party transactionpursuant to Multilateral Instrument 61-101 – Special Transactions(“MI 61-101”). The Company is exempt from the formal valuationrequirement pursuant to subsections 5.5(a) and (b) of MI 61-101, andfrom the minority approval requirement pursuant to subsection5.7(1)(a) of MI 61-101.
Subject to the receipt of approval ofthe Exchange to the Incentive Program and the resulting amendment tothe Eligible Warrants, each holder of a whole Eligible Warrant whoelects to exercise their Eligible Warrant at the price of $0.15 on or prior to 4:00p.m. (PST) on the New Warrant Expiry Date will receive:
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- the common shares in the capital ofthe Company to which they are otherwise entitled under the terms ofthe Eligible Warrants; and
- for every one (1) Eligible Warrantexercised, one (1) additional common share purchase warrant of theCompany (each, an “Incentive Warrant”) entitling the holder toacquire an additional common share of the Company at a price of $0.40per share, or such other exercise price as may be acceptable to theExchange, for a period of eighteen (18) months from the date ofissuance of such Incentive Warrant. The Incentive Warrants, and anyshares issued upon exercise thereof, will be subject to a four-monthhold period from the date of issuance of such warrants.
The Company will issue a further newsrelease confirming the terms and conditions of the proposed IncentiveProgram upon receipt of approval from the Exchange.
To the extent that holders of EligibleWarrants take advantage of the opportunity to exercise their EligibleWarrants early, this will strengthen the Company’s current cashposition. In the case of holders of Eligible Warrants who elect not toexercise their Eligible Warrants on or prior to 4:00 p.m. (PST) on theNew Warrant Expiry Date, such Eligible Warrants will continue to beexercisable for common shares of the Company on the same terms thatpreviously existed.
The securities being offered will not beregistered under the United States Securities Act of 1933, as amendedand may not be offered or sold within the United States absentregistration or an exemption from the registration requirements. Thisnews release does not constitute an offer to sell or a solicitation ofan offer to buy any of the securities in the UnitedStates.
Global Energy MetalsCorporation
(TSXV:GEMC | OTC: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 established mining and processing jurisdictions in close proximityto end-use markets. Global Energy Metals is targeting projects withlow logistics and processing risks, so that they can be fast trackedto enter the supply chain in this cycle. The Company is alsocollaborating with industry peers to strengthen its exposure to thesecritical commodities and the associated technologies required for acleaner future.
Securing exposure tothese critical minerals powering the eMobility revolution is agenerational investment opportunity. Global Energy Metals believe thethe time to be part of this electrification movement.
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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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 availableat 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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