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Great Northern Energy Metals Announces Closing of Private Placement for Gross Proceeds of $2.18M
VANCOUVER, BC, July 16, 2025 /CNW/ - Great Northern Energy Metals Inc. ("GNEM" or the "Company") (CSE: GNEM) is pleased to announce that, further to its news re
About this update from American Atomics Inc.
[{"type":"text","content":" VANCOUVER, BC, July 16, 2025 /CNW/ - Great Northern Energy Metals Inc. (\"GNEM\" or the \"Company\") (CSE: GNEM) is pleased to announce that, further to its news release dated June 2, 2025, the Company has closed a brokered private placement of 4,867,700 common shares in the capital of the Company (the \"Shares\") at a price of $0.35 per Share for gross proceeds of approximately $1,703,695 (the \"Brokered Offering\"). Haywood Securities Inc. (the \"Agent\") acted as the agent for the Brokered Offering. In connection with the Offering, the Company (i) paid the Agent a cash commission of $119,259, (ii) paid the Agent a corporate finance fee of $25,000, plus applicable taxes, and (iii) reimbursed the Agent for its expenses incurred in connection with the Brokered Offering. The Company also completed a concurrent non-brokered private placement on the same terms as the Brokered Offering consisting of 1,371,429 Shares for gross proceeds of approximately $480,000 (the \"NBPP\", and together with the Brokered Offering, the \"Offering\"). The Company intends to use the net proceeds from the Offering to complete payments pursuant to its previously announced option agreements with Ventura Uranium LLC (dba Nuvemco, LLC) and UREnergy, LLC, and for general working capital purposes. All Shares issued in connection with the Offering are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The subscribers in the NBPP included a corporate subscriber controlled by a director of the Company (the \"Insider\") who subscribed for 257,143 Shares for aggregate gross proceeds of $90,000.05 to the Company. The issuance of Shares to the Insider constitutes a \"related party transaction\" as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (\"MI 61-101\"). The Company is relying on the exemption from valuation requirement and minority approval pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, for the Insider participation in the NBPP, as the value of the Shares subscribed for do not represent more than 25% of the Company's market capitalization, as determined in accordance with MI 61-101. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the...