05:23:10 EDT Mon 13 May 2024
Enter Symbol
or Name
USA
CA



Global Energy Metals Corp (2)
Symbol GEMC
Shares Issued 42,756,519
Close 2023-07-21 C$ 0.08
Market Cap C$ 3,420,522
Recent Sedar Documents

Global Energy to close $316,561 private placement

2023-07-24 15:10 ET - News Release

An anonymous director reports

GLOBAL ENERGY METALS ANNOUNCES CLOSING OF OVERSUBSCRIBED ABOVE-MARKET PRIVATE PLACEMENT

Global Energy Metals Corp. intends to close on the previously announced non-brokered private placement upon receipt of conditional approval from the TSX Venture Exchange approval.

Mitchell Smith, chief executive officer and director, commented: "The company is extremely pleased to announce the closing of this oversubscribed non-brokered offering with significant insider participation at an above-market price. We are excited to have Mr. Gleason increase his ownership in the company and appreciate his support as GEMC's investment exposure to battery metals strategy is being realized."

The company will issue 3,165,608 shares at a price of 10 cents per common share for gross proceeds of $316,561.

Insiders, including Gleason and Sons LLC, and officers and directors of the company, will participate as to 2,765,608 common shares, which participation will constitute related party transactions for the purposes of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company will rely upon exemptions from the requirement to obtain a formal valuation and seek minority shareholder approval for the private placement on the basis that the fair market value of the insiders' participation in the private placement will be less than 25 per cent of the company's current market capitalization.

The company anticipates closing subject to receipt of all necessary regulatory approvals, including conditional approval from the TSX Venture Exchange.

The net proceeds from the sale of the common shares will be used for project evaluation and for working capital and general corporate purposes. The common shares will be issued on a private placement basis pursuant to exemptions from prospectus requirements under applicable securities laws, and will be subject to a statutory hold period of four months and one day from the date of issuance.

No finders' fees will be paid in connection with the private placement.

About Global Energy Metals Corp.

Global Energy offers investment exposure to the growing rechargeable battery and electric vehicle market by building a diversified global portfolio of exploration and growth-stage battery mineral assets.

Global Energy recognizes that the proliferation and growth of the electrified economy in the coming decades are underpinned by the availability of battery metals, including cobalt, nickel, copper, lithium and other raw materials. To be part of the solution and respond to this electrification movement, Global Energy has taken a "consolidate, partner and invest" approach, and in doing so has assembled and is advancing a portfolio of strategically significant investments in battery metal resources.

As demonstrated with the company's current copper, nickel and cobalt projects in Canada, Australia, Norway and the United States, Global Energy is investing in, exploring and developing prospective, scaleable assets in established mining and processing jurisdictions in close proximity to end-use markets. Global Energy is targeting projects with low logistics and processing risks, so that they can be fast-tracked to enter the supply chain in this cycle. The company is also collaborating with industry peers to strengthen its exposure to these critical commodities and the associated technologies required for a cleaner future.

Securing exposure to these critical minerals powering the e-mobility revolution is a generational investment opportunity. Global Energy believes now is the time to be part of this electrification movement.

We seek Safe Harbor.

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