Global Energy Metals Corp (CSE:GEMC) announced a private placing to bring in up to C$500,000 (gross).
"This capital raise will support the acquisition and continued advancements at the Millennium and Mt. Isa Cobalt Projects in Australia and recently announced Lovelock Mine and Treasure Box project in Nevada to provide investment exposure to the growing battery metals sector through our growing portfolio of cobalt projects in some of the world's best mining jurisdictions," said Mitchell Smith, the president and chief executive at GEMC.
Letter of intent
The company recently entered a letter of intent with Nevada Sunrise Gold Corp to acquire an 80% interest in the Lovelock Cobalt Mine and the Treasure Box Project located in Churchill County, around 150 km east of the Tesla Gigafactory in Sparks, Nevada.
It has also completed its initial phase one work program at Millennium having reported multiple high-grade and wide intercepts validating the geological model and confirming significant upside potential to grow the resource base at Millennium.
GEMC also recently announced that it has entered into a binding agreement with Hammer Metals to acquire the balance of the interest in the Millennium and the Mt. Isa projects.
The placing will see the group issue a maximum of around 6.6mln shares at a subscription price of C$0.075 each.
Each unit will consist of one company share and one transferable share purchase warrant. The latter will be exercisable to purchase an additional share for 12 months from the closing date of C$0.15.