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Global Battery Metals Announces Closing of $1,000,000 Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2023) - Global Battery Metals Ltd. (TSX...
About this update from Global Battery Metals Ltd.
[{"type":"text","content":"Global Battery Metals Announces Closing of $1,000,000 Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - May 8, 2023) - Global Battery Metals Ltd. (TSXV: GBML) (OTCQB: REZZF) (FSE: REZ) (the \"Company\" or \"GBML\"), a critical mineral exploration company focused on growth-oriented lithium and battery metal projects, is pleased to announce that, further to its news release dated April 27, 2023, it is closing its non-brokered private placement financing with the issuance of a total of 9,090,910 units (the \"Units\") of the Company at a price of $0.11 per Unit for proceeds of $1,00,000.10 (the \"Private Placement\").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 $0.15 until May 11, 2025, being the date that is twenty-four (24) months from the date of issuance.The Company plans to allocate the proceeds of the Private Placement primarily for working capital and to support the multi-stage drill program planned for the Leinster Lithium Project. No finder fees were paid in connection with the Private Placement.All securities issuable in connection with the Private Placement are subject to a statutory four-month hold period that expires September 12, 2023. Completion of the Private Placement remains subject to receipt of applicable regulatory approvals, including final acceptance by the TSX Venture Exchange.Certain insiders of the Company participated in the Private Placement acquiring an aggregate of 3,000,000 Units. The participation by insiders in the Private Placement constitutes a \"related party transaction\" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities purchased by insiders, nor the consideration for the securities paid by such insiders, exceeds 25% of the Company's market capitalization. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closin...