(TheNewswire)
VANCOUVER, BC / TheNewswire / JUNE 19, 2017 / GLOBAL ENERGY METALS CORP. TSXV:GEMC | FSE:5GE1 ("Global Energy Metals", the "Company" and/or "GEMC") announces that it is undertaking a non-brokered private placement for gross proceeds of up to CAD$250,000 (the "Private Placement" or "Offering"). The Company intends to close this Private Placement imminently.
The Private Placement will consist of a financing for minimum gross proceeds in the amount of CAD $200,000 and maximum of CAD $250,000, through the issuance of units at a price of CAD $0.175 per unit.
The Units offered will each consist of one (1) Global Energy Metals common share and one (1) transferable Global Energy Metals common share purchase warrant, each transferrable warrant entitling the holder to acquire one (1) additional common share of the Company at a price of CAD $0.30 for a period of 12 months from the Closing Date.
The Warrants will contain an acceleration provision, whereby in the event the daily VWAP of the common shares of GEMC is at least CAD $0.40 per share for 10 consecutive trading days, GEMC will have the right to accelerate the expiry date of the Warrants to the date which is 30 days after notice is given to the holders of the warrants of the accelerated expiry date and a news release to that effect is given.
The proceeds from the Offering will be used for 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.
Although the Concurrent Financing will be non-brokered, Global Energy Metals may pay finder's fees in cash and/or finders warrants in accordance with the TSXV policies.
Closing of the Private Placement, is subject to the approval of the TSXV.
The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.
Global Energy Metals Corporation (TSXV:GEMC | 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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