GBLEF - Global Energy Metals Announces Increase to Private Placement Offering and Intended Closing of First Tranche
(TheNewswire)
Vancouver, BC / TheNewswire / March 7, 2022 / 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 it has increased its previously announcednon-brokered private placement (the "Private Placement") to accommodate investordemand, subject to acceptance of the TSX Venture Exchange.
The Private Placement will now consistof a total of 5,000,000 units (the “Units”) at a price of $0.25per Unit for gross proceeds of up to C$1.25 million. Each Unit willconsist of one common share (a "Common Share") in thecapital of the Company and one transferrable share purchase warrant (a“Warrant”). Each Warrant will be exercisable to purchase anadditional share of the Company for a period of 24 months from theclosing date at a price of C$0.40. The Warrants are subject to anacceleration clause whereby if on any 10 consecutive trading daysoccurring after four months and one day has elapsed from the closingdate, the daily volume weighted average trading price of the commonshares of the Company is at least $0.50 per share, the Company mayaccelerate the expiry date of the warrants to the 30th day after thedate on which the Company gives notice to the subscriber in accordancewith the warrant of such acceleration.
The Company also announces that it willclose an initial tranche of the Private Placement (the “FirstTranche”), subject to TSX Venture Exchange approval. In connectionwith the First Tranche, which was supported by existing shareholdersand insiders, including officers and a director of the Company, GlobalEnergy Metals will issue 4,220,000 Units at a price of C$0.25 per Unitfor aggregate gross proceeds of C$1,055,000.
In connection with the First Tranche,the Company has agreed to pay finder’s fees of $32,000 cash and128,000 finder warrants priced at $0.40 per share exercisable for aperiod of twelve (12) months.
The net proceeds of the PrivatePlacement will be directed toward further exploration and developmentof its battery mineral properties with a focus on the Lovelock Mineand Treasure Box projects in Nevada, USA. Funds will also be used tosupport potential future acquisitions as well as for general corporateand working capital purposes allowing for ongoing growth strategyexecution.
The Company intends to close the secondtranche of the Private Placement on or before March 18, 2022 subjectto certain conditions, including, but not limited to, the receipt ofall necessary approvals including the approval of the TSX VentureExchange.
All securities issued in connection withthe Offering will be subject to a four month hold period from the dateof closing, in accordance with applicable Canadian securitieslaws.
Insiders, officers, and directors of theCompany (collectively "Insiders") will participate as to280,000 units in the First Tranche, 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 securities to be issued inconnection with the Offering have not been nor will they be registeredunder the United States Securities Act of 1933, as amended, or statesecurities laws, and may not be offered or sold in the United Statesor to an account for the benefit of US persons, absent suchregistration or an exemption from registration. This press release shall notconstitute an offer to sell or the solicitation of an offer to buy thesecurities in the United States or in any jurisdiction in which suchoffer, sale, or solicitation would be unlawful.
Global Energy MetalsCorporation
(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 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 to accurately predict the impact COVID-19 will have on operations andthe ability of others to meet their obligations, includinguncertainties relating to the ultimate geographic spread of the virus,the severity of the disease, the duration of the outbreak, and thelength of travel and quarantine restrictions imposed by governments ofaffected countries. In addition, a significant outbreak of contagiousdiseases in the human population could result in a widespread healthcrisis that could adversely affect the economies and financial marketsof many countries, resulting in an economic downturn that couldfurther 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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