GEMC:CC - Global Energy Metals Announces Successful Closing of the Early Warrant Incentive Program
(TheNewswire)
Vancouver, BC - TheNewswire - March 1, 2023 - GlobalEnergy Metals Corporation ( TSXV:GEMC ) ( OTC:GBLEF ) ( FSE:5GE1 ) (“Global Energy Metals”, the “Company” and/or“GEMC ”) , a company involved in theinvestment exposure to the battery metals supply chain, is pleased toannounce that, further to its press release datedFebruary 7, 2023 , it has receivedgross proceeds of $582,420 from the exercise of 7,280,250 sharepurchase warrants at $0.08 per share pursuant to its early warrantexercise incentive program (the “Program”).
Mitchell Smith, CEO & Director,commented:
“We are pleased with theshareholder support and positive outcome of this incentive program.While strengthening our cash position it also demonstrates investorconfidence in the execution of Global Energy’s business plan inproviding shareholders investment exposure to the battery metals spacethrough our strong project and equity based portfolio.”
As an incentive for the early exercise of their sharepurchase warrants, warrant holders received an additional 7,280,250new share purchase warrants (each an “Incentive Warrant”). EachIncentive Warrant entitles the holder to purchase one common share ofthe Company for a period of 12 months from the date of issuance ofsuch Incentive Warrant, at a price of $0.15. The Incentive Warrantsare subject to a four month hold period from the date ofissuance.
The Incentive Warrants are also subject to anaccelerated expiry if the volume weighted average price of the commonshares is greater than or equal to $0.20 for any 10 consecutivetrading days and, if the Company has given notice, the IncentiveWarrants will expire 30 days following the date of such notice.
The balance of the warrants not exercised under theProgram will remain outstanding and continue to be exercisable forcommon shares of the Company on their current terms, until the 15th ofMarch, 2023 at which time any Warrants that remain unexercised willexpire and be cancelled.
Insiders of the Company participated in the IncentiveProgram and, as a result, the Incentive Program may constitute a"related party transaction" within the meaning ofMultilateral Instrument 61-101 - Protection of Minority Shareholdersin Special Transactions ("MI 61-101"). The Company relieson the exemptions from the formal valuationrequirements of MI 61-101 contained in section 5.5(a) and (b) of MI61-101 on the basis that the fair market value of the transaction withinsiders will not be more than 25% of the market capitalization of theCompany and no securities of the Company are listed on a specifiedmarket set out in such section, and the Company further relies on theexemption from the minority shareholder approval requirements of MI61-101 contained in Section 5.7(1)(a) of MI 61-101 on the basis of thefair market value of the transaction with insiders will not be morethan 25% of the market capitalization of the Company.
The Incentive Program is subject to the finalacceptance of the TSXV.
Global Energy Metals Corporation
(TSXV:GEMC |OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals Corp. offers investment exposure to the growingrechargeable battery and electric vehicle market by building adiversified global portfolio of exploration and growth-stage batterymineral assets.
Global Energy Metals recognizes thatthe proliferation and growth of the electrified economy in the comingdecades is underpinned by the availability of battery metals,including cobalt, nickel, copper, lithium and other raw materials. Tobe part of the solution and respond to this electrification movement,Global Energy has taken a ‘consolidate, partner and invest’approach and in doing so have assembled and are advancing a portfolioof strategically significant investments in battery metalresources.
As demonstrated with our currentcopper, nickel and cobalt projects in Canada, Australia, Norway andthe United States, we’re investing-in, exploring and developingprospective, scaleable assets in established mining and processingjurisdictions in close proximity to end-use markets. We’re targetingprojects with low logistics and processing risks, so that they can befast tracked to enter the supply chain in this cycle. We’realso collaborating with industry peers to strengthen our exposure tothese critical commodities and the associated technologies requiredfor a cleaner future.
Securing exposure to these criticalminerals powering the eMobility revolution is agenerational investment opportunity. We believe the the time to bepart 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 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.
We seek safeharbour.
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