GBLEF - Global Energy Metals Strengthens Treasury With Closing of Oversubscribed Second and Final Tranche in Private Placement
(TheNewswire)
Vancouver, BC - TheNewswire - September 29, 2020 - Global Energy MetalsCorporation ( TSXV:GEMC ) | ( OTC:GBLEF ) | ( FSE:5GE1 ) ("Global Energy Metals", the"Company" and/or "GEMC ") is pleased to announce that it has completedthe second and final tranche closing of the previously announcednon-brokered private placement (the "Offering").
The Company intends to use the net proceeds from theOffering to fund the announced acquisition ofan 85% interest in the Lovelock and TreasureBox projects , two highly prospectivebattery mineral projects in Nevada with strong enrichment in nickel,copper and cobalt, as well as for business development and workingcapital purposes.
The second tranche consisted of 2,852,000 units (the"Units") at a price of $0.125 per Unit for gross proceeds of$356,500 including 1,600,000 Units initially announced as part of the first trancheclosing . As a result of the 1.6million Unit purchase in the Private Placement a new Insider (asdefined by the policies of the Exchange) has been created. In total5,278,000 Units will be issued in conjunction with this financing withthe Company raising an aggregate of $659,750 in gross proceeds.
Each Unit consists of one common shareof the Company (a "Share") and one transferable common sharepurchase warrant (a "Warrant"), with each Warrant entitlingthe holder thereof to acquire a Common Share at the exercise price of$0.15 per share for a period of 36 months from the closing date("Closing Date").
An Executive Officer and a Director ofthe Corporation purchased an aggregate of 306,000 Units, as such thePrivate Placement is considered a "related partytransaction" within the meaning of TSX-Venture Policy 5.9 andMultilateral Instrument 61-101. The Company is relying on an exemptionfrom the formal valuation and minority approval provisions ofMultilateral Instrument 61-101 in reliance on sections 5.5(a) and5.7(a) on the basis that the aggregate fair market value of thePrivate Placement, insofar as each Insider was involved, does notexceed 25% of the market capitalization of the Company.
All securities issued in connection with the Offeringwill be subject to a statutory hold period of 4 months plus a day fromthe Closing Date in accordance with applicable securities legislation.
The Company will pay cash finder's fees of $2,900 andissue 23,200 Broker Warrants to third-party finders in connection withthe closing of the second tranche and in aggregate finder's fees of$19,100 in cash and 153,280 Broker Warrants will have been issued inconjunction with the Offering.
Closing of the Offering is subject to the approval tothe receipt of all necessary regulatoryapprovals, including the final approval of the TSX VentureExchange.
GlobalEnergy Metals Corporation
(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-copper explorer and developer in the famed miningdistrict in Queensland, Australia. The Company is finalizing on theacquisition of an 85% interest in two battery mineral projects, theLovelock Cobalt Mine and Treasure Box Project, located on the doorstepof the world's largest lithium-ion battery production plant, theGigafactory One that Tesla Motors Ltd. and partner Panasonic Corp.have built in Nevada, USA. Additionally, the Company holds a 70% interest in the past-producingWerner Lake Cobalt Mine 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
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.
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