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Global Energy Metals Arranges Strategic Investment from Canada Cobalt Works; Signs MOU to use Revolutionary Hydrometallurgical Process at Nevada Battery Metals Projects
(via TheNewswire) Vancouver, BC / TheNewswire / May 7, 2019 - Global Energy Metals Cor...
About this update from Global Energy Metals Corp
[{"type":"text","content":"Global Energy Metals Arranges Strategic Investment from Canada Cobalt Works; Signs MOU to use Revolutionary Hydrometallurgical Process at Nevada Battery Metals Projects(via TheNewswire)\n \n \nVancouver, BC / TheNewswire / May 7, 2019 - Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (\"Global Energy Metals\", the \"Company\" and/or \"GEMC\") is pleased to announce a strategic technological initiative with Canada Cobalt Works (\"CCW\" or \"Canada Cobalt\"), featuring the propriety and environmentally friendly Re-2OX Process, to accelerate the advancement of GEMC's Lovelock Mine and Treasure Box properties in Nevada as work programs commence this month. Lovelock and Treasure Box are located in Churchill County, a 90-minute drive from the Tesla-Panasonic Gigafactory 1. \n\n\n \nThe Re-2OX Deal\n\n\n \nGEMC and Canada Cobalt have entered into a non-binding Memorandum of Understanding (MOU) that allows for cobalt-nickel-copper-bearing mineralized material from Lovelock and Treasure Box to be put through the Re-2OX Process in order to confirm efficient battery metal extraction and create a potential battery grade test product. \n\n\n \nCanada Cobalt will supervise the program protecting intellectual property as results flow to GEMC, and will be paid a $200,000 upfront first-stage Re-2OX fee, exclusive of sampling and lab costs to be borne by GEMC to a maximum of $100,000. The companies may broaden their relationship.\n\n\n \nStrategic Investment\n\n\n \nCanada Cobalt will also take an immediate equity position in GEMC, subscribing for 2,000,000 units at $0.075 per unit for total proceeds to GEMC of $150,000. Each Unit will consist of one common share and one transferable common share purchase warrant with each warrant entitling the holder thereof to acquire a common share at the exercise price of $0.10 per share for a period of 36 months from the closing date, subject to acceleration. \n\n\n \nMitchell Smith, CEO & Director, Comments on the agreement:\n\n\n \n\"While the future of EV's and other green technologies is promising, North America is highly import-reliant for those critical metals that are fueling the road to electrification. Partnering with Canada Cobalt Works and utilizing their Re-2OX Process is a crucial step in unlocking the potential Lovelock and Treasure Box provide for shareholder exposure t...