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Global Energy Metals Receives Approval for Acquisition of Right To Use Re-2ox Technology at Nevada Battery Metals Projects
(via TheNewswire) Vancouver, BC / TheNewswire / June 6, 2019 - Global Energy Metals Co...
About this update from Global Energy Metals Corp
[{"type":"text","content":"Global Energy Metals Receives Approval for Acquisition of Right To Use Re-2ox Technology at Nevada Battery Metals Projects(via TheNewswire)\n \n \nVancouver, BC / TheNewswire / June 6, 2019 - Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (\"Global Energy Metals\", the \"Company\" and/or \"GEMC\") along with partner Canada Cobalt Works (TSXV:CCW) are pleased to announce that the TSX Venture Exchange approved the acquisition of the right to use Canada Cobalt Works' Re-2OX technology to accelerate the advancement of the Lovelock Cobalt Mine and Treasure Box projects.\n\n\n \nHighlights\n\n\n \n\n\n- Re-2OX skips the normal smelting process to achieve exceptionally high recovery rates for cobalt, nickel and copper, while also removing 99% of arsenic expanding the potential of the Lovelock mine by potentially creating battery grade cobalt sulphate.\n\n\n\n- The hydrometallurgical process will complement a wider exploration and drilling program that will allow for reinterpretation of historic data and a better understanding of the ability to unlock potential from GEMC's Nevada based projects. \n\n\n\n- GEMC is currently formulating plans for exploration and drilling programs to advance the battery minerals project.\n\n\n\n- The Lovelock and Treasure Box projects represent an unique opportunity to make a new battery metals discovery in Nevada, a proven mining district ranked as the most attractive mining jurisdiction by the Fraser Institute's Annual Survey of Mining Companies, 2018.\n\n\n\n\n \nThe Transaction \n\n\n \nDetails of the transaction is described in an agreement announced on May 30, 2019, pursuant to which the Company has agreed to purchase a right to use for a period of one year Canada Cobalt Works' Re-2OX technology. In consideration for use of the technology, GEMC shall pay to Canada Cobalt Works a cash payment of $50,000 and issue 2,000,000 units (\"Units\") of GEMC at a price of $0.075 per Unit for deemed consideration of $150,000. \n\n \n \nEach of the Units shall consist of one common share and one transferable common share purchase warrant (collectively, \"Warrants\") with each of the Warrants entitling the holder thereof to acquire one common share of GEMC at the exercise price of $0.10 per share for a period of 36 months from the date of issuance of the Warrants. Warrants are subject to an ac...