pcNewsWire – Global Energy Metals Corp. (TSX-V: GEMC; FSE: 5GE1) has closed previously announced non-brokered private placement of 1,242,465 units at $0.175 per unit for total gross proceeds of $217,431.
The company intends to use the proceeds from the Private Placement for general working capital.
Global Energy Metals Closes Private Placement
VANCOUVER, BC / TheNewswire / JUNE 27, 2017 / GLOBAL ENERGY METALS CORP. TSXV:GEMC | FSE:5GE1 (“Global Energy Metals”, the “Company” and/or “GEMC”) is pleased to announce that, further to its news release dated June 19, 2017 the Company has closed a non-brokered private placement financing (the “Private Placement and/or the Offering”) for total gross proceeds of $217,431.
The Company has allotted and issued 1,242,465 units (the “Units”) at a price of $0.175. Each Units consists of one common share and one transferable Global Energy Metals common share purchase warrant, each transferable warrant entitling the holder to acquire one additional common share of the Company for a period of up to 12 months at a price of CAD $0.30.
The Warrants 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 tot he holders of the warrants of the accelerated expiry date and a news release to that efficiency is given.
The Company intends to use the proceeds from the Private Placement for general working capital.
All securities issued in connection with the Private Placement are subject to a four-month and one-day hold period in accordance with applicable securities legislation. There were no finder’s fees paid in connection with the Offering.
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
t. + 1 (604) 688-4219 extensions 236/237