Business
Global Battery Metals Announces Closing Private Placement
Vancouver, British Columbia--(Newsfile Corp. - November 6, 2020) - Global Battery Metals Ltd. ...
About this update from Global Battery Metals Ltd.
[{"type":"text","content":"Global Battery Metals Announces Closing Private PlacementVancouver, British Columbia--(Newsfile Corp. - November 6, 2020) - Global Battery Metals Ltd. (TSXV: GBML) (the 'Company') is pleased to announce that further to its press release of October 26, 2020, it has closed its non-brokered private placement (the \"Offering\") and has raised gross proceeds of $1,035,000. The Company will, on TSX-V approval, issue 10,350,000 units (\"Units\") at a price of $0.10 per Unit. Each Unit consists of one common share and one-half of one common share purchase warrant (each whole warrant a \"Warrant\"). Each Warrant is exercisable into one common share at an exercise price of $0.15 for a period of 2 years from the issue date. All securities ‎issued in the Offering are subject to a hold period of four months and a day from ‎the date of closing. The net proceeds from the Offering will be used for the evaluation of potential acquisition transactions, including land and legal due diligence reviews, for general working capital and administrative expenses.‎ Insiders participation in the offering was for an aggregate amount of $75,000 comprising 750,000 Units representing 7.2% of the offering. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The related party transaction is exempt from minority approval and valuation requirements pursuant to the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities to be issued under the Offering nor the consideration to be paid by the insiders exceeds 25% of the Company's market capitalization.The Company will pay cash finder's fees of $37,100 and further issue a total of 383,000 Finders warrants having the same terms and conditions as the warrants offered as part of the Units, to certain finders in connection with the Offering.Proceeds from the Offering are expected to be used for project evaluation and general working capital. Certain insiders of the Company may participate in the Offering.About GBML Battery Metals Ltd.GBML is a mineral exploration company with a focus on metals that make up and support the rapid evolution to battery power. GBML's common shares are listed on the TSX...