GBLEF - Global Energy Metals to divest its majority interest in the Werner Lake Cobalt project to High-Tech Metals

• Global Energy Metals ( OTCQB:GBLEF ) on Tuesday signs a binding asset purchase and sale pact with private Australian company High-Tech Metals to sell its interest in the Werner Lake project for cash and share consideration.
• Currently, Global Energy Metals holds a 70% interest and Marquee Resources, holds a 30% interest in Werner.
• The aggregate purchase price shall be A$0.7M of which A$50K shall be paid to the company on execution of the mineral property purchase and sale pact and the balance of which will be satisfied by the issuance of a total of 3.25M shares of HTM as to 2.5M consideration shares to Global Energy Metals and 0.75M consideration shares to Marquee.
• Pursuant to the closure, GEMC is expected to hold 7.87% in High-Tech following High-Tech raising $4.5M as part of its IPO to the ASX.
• The funds raised will be used to list on the ASX, advance exploration of the Werner Lake project, identify additional opportunities to grow the company, and for general corporate and working capital purposes.

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