GBLEF - Global Energy Metals Closes Tranche Two of Oversubscribed Financing; Raises $1.1 Million in Total
(TheNewswire)
Vancouver, BC - TheNewswire - May 14, 202 1 - 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 the closing of the second tranche (the “Second Tranche”)of its non-brokered private placement for total gross proceeds of$230,000, further to its May 6, 2021 newsrelease . Combined with the closingof the first tranche of its non-brokered private placement, GlobalEnergy Metals raised a total of CAD$1,100,000 in gross proceeds (the“Offering”).
Mitchell Smith, President and CEOcommented:
“ Closing this oversubscribed privateplacement has placed Global Energy Metals in a strong position to pushforward with aggressive exploration programs in Nevada and Idaho, twoof the most prospective mining jurisdictions in the United States. We look forward to continuing our bold approach to value creation aswe pursue high-grade battery metal discoveries while demand for securesupply of these critical raw materials accelerates in the global shifttowards a low-carbon economy. ”
The company sold 920,000 Units in respect of theclosing of the Second Tranche. In total for the Offering, the Companysold 4,400,00 units (a “Unit”) at a price of $0.25 per Unit, whereeach Unit consists of one common share (a “Common Share”) of theCompany and one transferable common share purchase warrant (a“Warrant”) of the Company, where each Warrant entitles the holderto purchase one Common Share within two years of each respectivetranche closing date at a price of $0.30 per Common Share, subject toacceleration.
Closing of the Second Tranche is subject to final TSXVenture Exchange approval. The Common Shares and Warrants issued inconnection with the Second Tranche are subject to a four-month and aday hold period.
The Company will pay finders' fees in connection withthe closing of the Second Tranche in the amount of $8,000 plus 32,000broker warrants, where each Broker Warrant entitles the holder topurchase one Common Share within one year from the tranche closingdate at $0.30 per Common Share, subject to acceleration.
The net proceeds of the Offering will be used forgeneral working capital and business development initiatives,acquisition of a 50% interest in copper-silver-gold and copper, nickel, cobalt,PGE properties in Idaho, USA andQuebec, Canada, as well as for exploration drillingactivities at its Nevada, USAprojects.
All securities to be issued pursuant to the Offeringwill be subject to a four month and a day hold period from the closingdate under applicable securi ties laws in Canadaand among other things, receipt by Global Energy Metals of allnecessary regulatory approvals, including the TSX VentureExchange.
Warrants are subject to an acceleration clause wherebyif on any 10 consecutive trading days occurring after four months andone day has elapsed from the closing date, the daily volume weightedaverage trading price of the common shares of the Company is at least$0.50 per share, the Company may accelerate the expiry date of thewarrants to the 30th day after the date on which the Company givesnotice to the subscriber in accordance with the warrant of suchacceleration.
The securities issued in connection with the Offeringhave not been nor will they be registered under the United StatesSecurities Act of 1933, as amended, or state securities laws, and maynot be offered or sold in the United States or to an account for thebenefit of US persons, absent such registration or an exemption fromregistration. This press release shall not constitute an offer to sellor the solicitation of an offer to buy the securities in the UnitedStates or in any jurisdiction in which such offer, sale, orsolicitation would be unlawful.
Global Energy MetalsCorporation
(TSXV:GEMC | OTC: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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