Business
Global Energy Metals Closes Oversubscribed Above-Market Private Placement
(TheNewswire) Vancouver, BC - TheNewswire - August 3, 2023 - Global Energy Metals Corpo...
About this update from Global Energy Metals Corp
[{"type":"text","content":"Global Energy Metals Closes 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 - August\n3, 2023 -\n \n \n Global Energy\nMetals Corporation\n \n \n (\n \n \n TSXV:GEMC\n \n \n )\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 has\nclosed the previously announced non-brokered private placement\n(“Private Placement”).\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.  All\nsecurities issued in this closing of the Private Placement are subject\nto statutory four month plus a day, hold periods expiring on December\n4, 2023. The Private Placement remains subject to obtaining final\napproval of the TSX Venture Exchange.\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 net proceeds from the sale of the Common Shares\nwill be used for project evaluation and for working capital and\ngeneral corporate purposes. The Common Shares will be issued on a\nprivate placement basis pursuant to exemptions from prospectus\nrequirements under applicable securities laws, and will be subject to\na statutory hold period of four months and one day from the date of\nissuance.\n \n \n \n \n No finder’s fees will be paid in connec...