GEMC:CC - Global Energy Metals Increases Previously Announced Private Placement
(TheNewswire)
Vancouver, BC / TheNewswire / July17, 2024 / Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF |FSE:5GE1 (“Global Energy Metals”, the “Company” and/or“GEMC”) , a multi-jurisdictional,multi-commodity critical mineral exploration and development andproject generating company focused on growth-oriented projectssupporting the global transition to clean energy, announces that dueto demand, the non-brokered private placement offering of up to16,666,667 units at $0.03 per unit for gross proceeds of up to$500,000 previously announced in the Company's news release July 16,2024 (the "Offering") has been increased to up to 21,666,667units (the "Units") at $0.03 per unit for gross proceeds ofup to $650,000. All other terms will remain the same.
Each Unit will consist of one common share of theCompany and one-half of one transferable common share purchase warrant(each whole warrant, a “Warrant”). Each Warrant entitles theholder to acquire one additional common share of the Company at anexercise price of $0.05 for a period of 24 months from issuance,subject to accelerated expiry as outlined below.
If on any 10 consecutive Trading Days occurring afterfour months and one day has elapsed from the Closing Date, the dailyvolume weighted average trading price of the common shares of theCompany is at least $0.10 per share, the Company may accelerate theexpiry date of the Warrants to the 30th day after the date on whichthe Company gives notice to the Subscriber in accordance with theWarrant of such acceleration.
The Company anticipates closing of the Offering as soonas practicable and is subject to receipt of all necessary regulatoryapprovals including the TSX Venture Exchange. The Common Shares willbe issued on a private placement basis pursuant to exemptions fromprospectus requirements under applicable securities laws and will besubject to a statutory hold period of four months and one day from thedate of issuance.
Finder’s fees may be paid to eligible finders inaccordance with the policies of the TSXV consisting of a cashcommission equal to up to 8% of the gross proceeds raised under theOffering and finder warrants (“Finder Warrants”) in an amountequal to up to 8% of the number of Units sold pursuant to theOffering. Each Finder Warrant will entitle the holder thereof topurchase one common share of the Company at a price of $0.05 per sharefor a period of 24 months following the closing date of theOffering.
The Company intends to use the net proceeds of theOffering for general corporate purposes, exploration activities, andproject holding costs. It is expected the majority of the proceedswill be used for general corporate purposes with no other specific userepresenting 10% or more of the gross proceeds of the Offering. Noneof the proceeds from the Offering will be used for payments tonon-arm's length parties of the Company other than normal coursecompensation of its officers, directors, employees and consultants aspart of general corporate purposes, or to persons conducting investorrelations activities.
It is anticipated that Gleason & Sons LLC alongwith other insiders, directors and officers of Global Energy Metalswill acquire Common Shares under the Offering. The subscription ofCommon Shares to insiders pursuant to the Offering is considered arelated party transaction for the purposes of Multilateral Instrument61-101 - Protection of Minority Shareholders in Special Transactions("MI 61-101"). The Company intends to rely on exemptionsfrom the formal valuation and minority shareholder approvalrequirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 inrespect of such insider participation, based on the determination thatfair market value of the participation in the Offering by insiderswill not exceed 25% of the market capitalization of Global EnergyMetals, as determined in accordance with MI 61-101.
This news release shall notconstitute an offer to sell or the solicitation of an offer to buy thesecurities in the United States nor shall there be any sale of thesecurities in any jurisdiction in which such offer, solicitation orsale would be unlawful. The securities have not been and will not beregistered under the United States Securities Act of 1933, as amended(the "1933 Act"), or any state securities laws and may notbe offered or sold in the United States unless registered under the1933 Act and any applicable securities laws of any state of theUnited States or an applicable exemption from the registrationrequirements is available.
For Further Information:
Global Energy Metals Corporation
#1501-128 West Pender Street
Vancouver, BC, V6B 1R8
Email: info@globalenergymetals.com
t. + 1 (604) 688-4219
www.globalenergymetals.com
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Global Energy Metals Corporation
(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 believesNow is the Time to be part of this electrificationmovement.
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 operations could be significantly adversely affected by theeffects of a widespread global outbreak of a contagious disease,including the recent outbreak of illness caused by COVID-19. It is notpossible to accurately predict the impact COVID-19 will have onoperations and the ability of others to meet their obligations,including uncertainties relating to the ultimate geographic spread ofthe virus, the severity of the disease, the duration of the outbreak,and the length of travel and quarantine restrictions imposed bygovernments of affected countries. In addition, a significant outbreakof contagious diseases in the human population could result in awidespread health crisis that could adversely affect the economies andfinancial markets of many countries, resulting in an economic downturnthat could further 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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