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Global Battery Announces Closing of Oversubscribed $1.16 Million Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - September 6, 2022) - Global Battery Metals Lt...
About this update from Global Battery Metals Ltd.
[{"type":"text","content":"Global Battery Announces Closing of Oversubscribed $1.16 Million Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - September 6, 2022) - Global Battery Metals Ltd. (TSXV: GBML) (OTCQB: REZZF) (FSE: REZ) (the \"Company\" or \"GBML\"), an international critical mineral exploration and development company focussed on growth-oriented battery metal projects, is pleased to announce it is closing its oversubscribed non-brokered private placement financing with the issuance of a total of 11,600,000 units (the \"Units\") of the Company at a price of $0.10 per Unit for gross proceeds of $1,160,000 (the \"Private Placement\").The Private Placement was initially announced on July 14, 2022, for up to 5,000,000 Units, upsized to up to 7,650,000 Units, 10,000,000 Units, 11,000,000 units on August 2nd, 15th, and 17th, respectively, and finally to 11,600,000 Units, all due to significant demand. Each Unit consists of one (1) common share in the capital of the Company (\"Share\") and one (1) Share purchase warrant (\"Warrant\"), whereby each Warrant entitles the warrant holder to acquire one (1) additional Share at a price of $0.14 until September 7, 2024, being the date that is twenty-four (24) months from the date of issuance. The Warrants are subject to an acceleration provision, which provides that, should the closing price of the Shares be greater than $0.30 for ten (10) consecutive trading days, the Warrants will expire thirty (30) days after the date on which the Company provides notice of such fact to the warrant holders.The Company plans to allocate the net proceeds of the Private Placement to exploration expenditures and general working capital. In consideration for the introduction to the Company of investors in the Private Placement by Canaccord Genuity Corp. (the \"Finder\"), Finder's fees consisting of a cash commission of $9,600.00 and 96,000 finder's warrants (the \"Finder's Warrants\") are applicable. Each Finder's Warrant bears the same exercise terms and expiration date as the Warrants.All securities issuable in connection with the Private Placement are subject to a statutory four-month hold period that expires January 8, 2023. Completion of the Private Placement remains subject to receipt of applicable regulatory approvals, including final acceptance by the TSX Venture Exchange\"The team is pleased wi...