(TheNewswire)
Vancouver, BC / TheNewswire / September 20, 2018 - Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy Metals”, the “Company” and/or "GEMC") announces the undertaking of a non-brokered private placement for gross proceeds of up to CAD$500,000 (the "Private Placement" or "Offering").
The Private Placement will consist of the issuance of a maximum of 6,666,667 units (the "Units") at a subscription price of CAD$0.075 per Unit. Each Unit will be comprised of one common share of the Company (a "Share") and one transferable common share purchase warrant (a "Warrant"). Each Warrant will be exercisable to purchase an additional Share of the Company for a period of 12 months from the closing date ("Closing Date") at a price of CAD$0.15 subject to acceleration.
Mitchell Smith, President & CEO commented, "This capital raise will support the acquisition and continued advancements at the Millennium and Mt. Isa Cobalt Projects in Australia and recently announced Lovelock Mine and Treasure Box project in Nevada to provide investment exposure to the growing battery metals sector through our growing portfolio of cobalt projects in some of the world’s best mining jurisdictions.”
The Company completed its initial phase one work program at Millennium having reported multiple high-grade and wide intercepts validating the geological model and confirming significant upside potential to grow the resource base at Millennium. GEMC also recently announced that it has entered into a binding agreement with Hammer Metals to acquire the balance of the interest in the Millennium Cobalt project as well as the Mt. Dorothy Cobalt Project and the Cobalt Ridge Project (collectively the “Mt. Isa Projects”), such that it will hold 100% of both Millennium and the Mt. Isa Projects.
This accelerated acquisition of cobalt rich assets positions GEMC as the region’s leading cobalt explorer/developer building a district-scale cobalt opportunity in Queensland Australia’s Mt. Isa prolific mining jurisdiction.
Additionally, GEMC has entered into a LOI with Nevada Sunrise Gold Corp to acquire an 80% interest in the Lovelock Cobalt Mine and the Treasure Box Project located in Churchill County, approximately 150 kilometres east of the Tesla Gigafactory in Sparks, Nevada. The Nevada cobalt project acquisitions further expand GEMC’s cobalt-related holdings building a new footprint in the US at a time when federal orders have been made to break dependence on foreign minerals including cobalt which tops the list of 35.
The net proceeds of the Offering will be used by the Company to fund exploration and development activities at the Millennium Cobalt project, for the completion of the above mentioned transactions, for marketing initiatives as well as general working capital requirements.
All securities issued in connection with the Private Placement will be subject to a statutory hold period of 4 months plus a day from the Closing Date in accordance with applicable securities legislation. Warrants are subject to an acceleration clause whereby if on any 10 consecutive Trading Days occurring after four months and one day has elapsed from the Closing Date, the daily volume weighted average trading price of the common shares of the Company is at least $0.20 per share, the Company may accelerate the expiry date of the Warrants to the 30th day after the date on which the Company gives notice to the Subscriber in accordance with the Warrant of such acceleration. Finder's fees may be paid in connection with this Offering. Closing of the Private Placement is subject to the approval of the TSXV.
Qualified Person
Mr. Paul Sarjeant, P. Geo., the Company’s VP Projects and Director, is the qualified person for this release as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects and has reviewed and verified the technical information contained herein.
Global Energy Metals Corporation
(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals is focused on offering security of supply of cobalt, a critical material to the growing rechargeable battery market, by building a diversified global portfolio of cobalt assets including project stakes, projects and other supply sources. GEMC anticipates growing its business by acquiring project stakes in battery metals related projects with key strategic partners. Global Energy Metals currently owns and is advancing the Werner Lake Cobalt Mine in Ontario, Canada and has entered into an agreement to earn-in to the Millennium Cobalt Project in Mt. Isa, Australia.
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 extensions 236/237
Cautionary Statement on Forward-Looking Information:
Certain information in this release may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with regulatory approvals and timelines. Although Global Energy Metals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change. For more information on Global Energy and the risks and challenges of their businesses, investors should review the filings that are available at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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