GBLEF - Global Energy Metals Upsizes Private Placement; Arranges Lead Commitment from U.S. Institutional Investment Firms
(TheNewswire)
Vancouver, BC - TheNewswire - April 22, 2021 - Global Energy MetalsCorporation ( TSXV:GEMC ) | ( OTC:GBLEF ) | ( FSE:5GE1 ) (“Global Energy Metals”, the“Company” and/or “GEMC ”), a company involved in the investment exposure to the batterymetals supply chain, is pleased to announce a $550,000 investment inthe Company from two New York-based institutional investmentmanagement firms.
The Company will amend the terms of its previously announcedfinancing to increase the size of the offering to now allow for up togross proceeds of minimum CAD $750,000 and up to $1,000,000 consistingof up to 4,000,000 Units on the same terms as previouslyannounced on March 2, 2021 .
This strategic investment, along withexisting and new investor participation, will provide for GEMC toexecute on a number of corporate building initiatives including anaccelerated exploration program at the high-grade nickel-cobalt-copperLovelock Mine project in Nevada, USA.
Inaugural DrillProgram at Lovelock
The first phase of this inaugural drillingprogram at theLovelock Mine plans for up to 8 drill holes totalling 1,400 metres andwill initially target areas of Induced Polarization (“IP”), highchargeability and geophysical anomalies that were identified in anindependent interpretation of the Lovelock Mine property.
The first pass drilling program at theLovelock Mine Project is intended to confirm intersections ofcobalt-nickel-copper bearing vein that correlates with historicalunderground mining and mapped superficial cobalt-nickel-copperoccurrences. It is anticipated the drill program will demonstratebroader mineralization across the width and depth of the occurrencewhich remains open in all directions.
The Lovelock MineProject is located in the CottonwoodCanyon area of the Stillwater Range in Nevada and is comprised of 81unpatented lode claims totaling approximately 642 hectares (1,586acres) including the past producing high-grade cobalt-nickel LovelockMine.
According to U.S. Government annual reports, theLovelock Mine saw limited production of nickel, copper and cobaltbeginning in 1883. The primary cobalt mineral was identified as“cobaltite”. The general average of the 200 tons shipped in 1886averaged 14% cobalt and 12% nickel. The mine operated from 1883 to1890 to the 100 foot level, reporting 500 tons of cobalt and nickelmineralized material shipped to England for processing. No furtherproduction from the Lovelock Mine is known for well over a centuryproviding GEMC an excellent opportunity tounlock the potential value of the deposit through exploration workincluding this inaugural drill program.
The net proceeds of the Upsized Offeringwill be used for general working capital and business developmentinitiatives, acquisition of a 50% interest in copper-silver andcopper, nickel, cobalt, PGE properties in Idaho, USA and Quebec,Canada, as well as for exploration drilling activities at its Nevada,USA projects.
The Company may pay finders' fees to eligble partiesthat have assisted by introducing subscribers to the placement. Allsecurities to be issued in connection with the placement will besubject to a four-month-and-one-day statutory hold period, inaccordance with applicable securities laws. Completion of theplacement remains subject to the approval of the TSX VentureExchange.
QualifiedPerson
Mr. Paul Sarjeant, P. Geo., is thequalified person for this release as defined by National Instrument43-101 - Standards of Disclosure for Mineral Projects.
Global Energy MetalsCorporation
(TSXV:GEMC | OTC: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%of the Millennium Cobalt Project and two neighbouring discovery stageexploration-stage cobalt assets in Mount Isa, Australia positioningit as a leading cobalt-copper explorer and developer in thefamed mining district in Queensland, Australia. The Company holds an85% interest in two battery mineral projects, the Lovelock CobaltMine and Treasure Box Project, located on the doorstep of theworld’s largest lithium-ion battery production plant, GigaNevadathat Tesla Motors Ltd. and partner Panasonic Corp. have built inNevada, USA. Additionally, the Company holds a 70%interest in the past-producing Werner Lake Cobalt Mine project inOntario, Canada.
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
Twitter: @EnergyMetals | @USBatteryMetals | @ElementMinerals
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.
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