Business
Global Energy Metals Strengthens Treasury With Closing of Oversubscribed Second and Final Tranche in Private Placement
Vancouver, BC - TheNewswire - September 29, 2020 - Global Energy Metals Corporation (TSXV:GEMC) | (OTC:GBLEF) | (FSE:5GE1) ("Global Energy Metals", the "Company
About this update from Global Energy Metals Corp
[{"type":"text","content":"Vancouver, BC - TheNewswire - September 29, 2020 - Global Energy Metals Corporation (TSXV:GEMC) | (OTC:GBLEF) | (FSE:5GE1) (\"Global Energy Metals\", the \"Company\" and/or \"GEMC\") is pleased to announce that it has completed the second and final tranche closing of the previously announced non-brokered private placement (the \"Offering\"). The Company intends to use the net proceeds from the Offering to fund the announced acquisition of an 85% interest in the Lovelock and Treasure Box projects, two highly prospective battery mineral projects in Nevada with strong enrichment in nickel, copper and cobalt, as well as for business development and working capital purposes. The second tranche consisted of 2,852,000 units (the \"Units\") at a price of $0.125 per Unit for gross proceeds of $356,500 including 1,600,000 Units initially announced as part of the first tranche closing. As a result of the 1.6 million Unit purchase in the Private Placement a new Insider (as defined by the policies of the Exchange) has been created. In total 5,278,000 Units will be issued in conjunction with this financing with the Company raising an aggregate of $659,750 in gross proceeds. Each Unit consists 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 $0.15 per share for a period of 36 months from the closing date (\"Closing Date\"). An Executive Officer and a Director of the Corporation purchased an aggregate of 306,000 Units, as such the Private Placement is considered a \"related party transaction\" within the meaning of TSX-Venture Policy 5.9 and Multilateral Instrument 61-101. The Company is relying on an exemption from the formal valuation and minority approval provisions of Multilateral Instrument 61-101 in reliance on sections 5.5(a) and 5.7(a) on the basis that the aggregate fair market value of the Private Placement, insofar as each Insider was involved, does not exceed 25% of the market capitalization of the Company. All securities issued in connection with the Offering will be subject to a statutory hold period of 4 months plus a day from the Closing Date in accordance with applicable securities legislation. The Company will pay cash finder's fees of $2,900 and issue 23,200 Brok...