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Global Energy Metals Closes Oversubscribed Private Placement
(via TheNewswire) THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO ...
About this update from Global Energy Metals Corp
[{"type":"text","content":"Global Energy Metals Closes Oversubscribed Private Placement(via TheNewswire)\n\n \nTHIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES\n\n \n \nVancouver, BC / TheNewswire / April 12, 2019 / Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (\"Global Energy Metals\", the \"Company\" and/or \"GEMC\") is pleased to announce that it has closed its non-brokered private placement financing for gross proceeds in the amount of $813,500 through the issuance of 16,270,000 Units at a price of $0.05 per Unit (the \"Offering Price\"). This represents an oversubscription of 1,270,000 units as previously announced.\n\n\n \nEach Unit each Unit consisted of one common share of the Company (a \"Share\") and one transferable common share purchase warrant (a \"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 (\"Closing Date\"), subject to acceleration. \n\n \n \nInsiders of the Company subscribed for an aggregate of 1,840,000 Units for gross proceeds of $92,000 under the Private Placement. \n\n \n \nAs certain insiders of Global Energy Metals participated in this Private Placement, it is deemed to be 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 exempt from the formal valuation requirement and the shareholder approval requirement of MI 61-101.\n\n \n \nThe Company intends to use the net proceeds from the offering to fund exploration and development activities at the Lovelock Mine and Treasure Box projects in Nevada, USA, as well as for general working capital requirements.\n\n \n \nAll securities issued in connection with the Private Placement will be subject to a statutory hold period of 4 months plus a day from the Closing Date in accordance with applicable securities legislation. \n\n \n \nWarrants are subject to an acceleration clause whereby if on any 10 consecutive Trading Days occurring after four months and one day has elapsed from the Closing Date, the daily volume weighted average trading price of the common shares of the Company is at least $0.20 per share, the Company may accelerate the expiry date of the Warrants to the 30th day a...