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Global Energy Metals Announces Closing of Oversubscribed Above-Market Private Placement
(TheNewswire) Vancouver, BC - TheNewswire - July 24, 2023 - Global Energy Metals Corporatio...
About this update from Global Energy Metals Corp
[{"type":"text","content":"Global Energy Metals Announces Closing of Oversubscribed Above-Market Private Placement \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, BC - TheNewswire - July\n24, 2023 - Global Energy Metals Corporation\n \n \n (\n \n \n TSXV:GEMC\n \n \n ) (\n \n \n OTC:GBLEF\n \n \n )\n \n \n (\n \n \n FSE:5GE1\n \n \n )\n \n \n (“Global Energy Metals”, the “Company” and/or\n“GEMC”)\n \n \n , a multi-jurisdictional,\nmulti-commodity critical mineral exploration and development company\nfocused on growth-oriented battery metal projects supporting the\nglobal transition to clean energy, is pleased to announce that it\nintends to close on the previously announced non-brokered private\nplacement (“Private Placement”) upon receipt of conditional\napproval from the TSX Venture Exchange approval.\n \n \n \n \n Mitchell Smith, CEO and Director commented:\n \n \n \n \n “\n \n \n The Company\nis extremely pleased to announce the closing of this oversubscribed\nnon-brokered offering with significant insider participation at an\nabove-market price. We are excited to have Mr. Gleason increase his\nownership in the Company and appreciate his support as GEMC’s\ninvestment exposure to battery metals strategy is being\nrealized.\n \n \n ”\n \n \n \n \n The Company will issue 3,165,608 shares at a price of\nC$0.10 per common share for gross proceeds of C$316,561.\n \n \n \n \n Insiders, including Gleason and Sons LLC, officers, and\ndirectors of the Company (collectively \"Insiders\") will\nparticipate as to 2,765,608 Common Shares, which participation will\nconstitute \"related party transactions\" for the purposes of\nMultilateral Instrument 61-101, Protection of Minority Security\nHolders in Special Transactions. The Company will rely upon exemptions\nfrom the requirement to obtain a formal valuation and seek minority\nshareholder approval for the private placement on the basis that the\nfair market value of the Insiders' participation in the private\nplacement will be less than 25% of the Company's current market\ncapitalization.\n \n \n \n \n The Company anticipates closing subject to receipt of\nall necessary regulatory approvals including conditional approval from\nthe TSX Venture Exchange.\n \n \n \n \n The net...