GBLEF - Global Energy Metals Announces Payment to Acquire 85 Percent Interest in Highly Prospective Nevada-Based Battery Mineral Projects
(TheNewswire)
Vancouver, BC - TheNewswire - October 7, 2020 - Global Energy MetalsCorporation ( TSXV:GEMC ) | ( OTC:GBLEF ) | ( FSE:5GE1 ) ("Global Energy Metals", the"Company" and/or "GEMC ") is pleased to announce it has issued sharesand made a cash payment as consideration for its acquisition of an 85%interest in the Lovelock Mine andTreasure Box Projects ("Lovelock", "Treasure Box" and/or the"Properties") located in the Stillwater Range, ChurchillCounty, Nevada from Primus Resources L.C. ("Primus") andNevada Sunrise Gold Corp. ("Nevada Sunrise") pursuant to theterms of an asset purchase agreement dated April 3, 2020 betweenPrimus, Nevada Sunrise and Global Energy Metals.
Mitchell Smith,President & CEO, Director comments:
" When undertaking and completing on acorporate restructuring and financing like we have in the past monthit is critical to decide how the company should emerge from the onset. Not only have we held steadfast to our battery minerals focusedvision for Global Energy Metals but we are even more confident in thedirection critical minerals like cobalt, nickel, copper and otherswill take as the world transitions to clean energy technologiesincluding vehicle electrification and new energy storage.
The addition ofLovelock and Treasure Box, two Nevada-based highly prospectivecobalt-nickel and cobalt-copper projects, strengthens our existingjurisdictionally safe asset portfolio and solidifies our positioningwithin the battery supply chain as we continue to build an investmentvehicle for shareholders to gain valuable exposure to the everincreasing demand for battery minerals linked to the electro-mobilityinvestment mega-trend. "
In connection with the acquistion ofthese strategic assets, the Properties will be held in GEMC'snewly established U.S. Battery Metals Corp. , a new U.S. listed vehicle and wholly ownedsubsidiary of Global Energy Metals that forms an important role in theCompany's overall objective of providing its shareholders withexposure to eMobility and the trend towards energy transition, cleanenergy storage and associated infrastructure investment.
The Nevada-based projects, located in close proximityto end-use regional battery manufacturing capacity, provide theCompany and its shareholders with high-potential, growth-stageexploration projects in a well established and proven mining district.
Figure 1. Location Map of theLovelock Mine & Treasure Box Projects
The purchase price for the Properties iscomprised of (i) a cash payment of USD $35,000 to Primus (the"Cash Payment"), which has now been paid; (ii) 1,000,000Common Shares of Global Energy Metals to Primus, at the deemed priceof CDN $0.10 a share, which have now been issued to Primus; and (iii)750,000 Common Shares of Global Energy Metals to Nevada Sunrise, atthe deemed price of CDN $0.10 a share, which have now been issued toNevada Sunrise.
The Cash Payment was funded through theproceeds of the previously announced oversubscribednon-brokered private placement .
The Shares issued to Primus and Nevada Sunrise will besubject to voluntary escrow provisions in addition to applicablestatutory and Exchange imposed hold periods.
Please refer to the Company's news release date April7, 2020 for moreinformation pertaining to further details of theacquisition.
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- copperexplorer and developer in the famed mining district in Queensland,Australia. The Company is finalizing on the acquisition of an 85%interest in two battery mineral projects, the Lovelock Cobalt Mine andTreasure Box Project, located on the doorstep of the world's largestlithium-ion battery production plant, GigaNevada that Tesla MotorsLtd. and partner Panasonic Corp. have built in Nevada,USA. Additionally, theCompany holds a 70% interest in the past-producing Werner Lake CobaltMine 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
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 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.
We seek safeharbour.
Copyright (c) 2020 TheNewswire - All rights reserved.