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Global Energy Metals to raise C$500,000 to advance Nevada properties

The company said funds raised will be used to immediately advance the Lovelock and Treasure Box properties in Nevada
Both the Lovelock and Treasure Box properties are in Churchill County, around 150 kilometers east of the Tesla Gigafactory in Sparks, Nevada

Global Energy Metals Corp (CSE:GEMC) announced Thursday it has arranged a non-brokered private placement with strategic investors for gross proceeds of up to C$500,000 to immediately advance its Lovelock and Treasure Box properties in Nevada. 

The company said the first closing is expected within the next few days. 

READ: Global Energy Metals makes first option payment under deal to buy interest in two Nevada cobalt projects

A maximum of 10 million units will be offered at C$0.05 per unit. Each unit will include one share and one warrant which will be exercisable to purchase an additional company share for a period of 36 months from the closing date at a price of $0.10, subject to acceleration. 

All securities issued in connection with the private placement will be subject to a statutory hold period of four months plus a day from the closing date in accordance with applicable securities legislation.

Global Energy Metals focuses on acquiring metals and mining companies with an emphasis on those metals associated with the rechargeable battery market and energy storage sector. It aims to acquire cobalt, lithium, graphite, and other battery metals projects.

Both the Lovelock and Treasure Box properties are in Churchill County, around 150 kilometers east of the Tesla Gigafactory in Sparks, Nevada.

The company also announced its board of directors has approved the settlement of up to C$181,500 of debt through the issuance of 3.63 million common shares of the company at a deemed price of $0.05 per share to certain creditors of the company. 

Shares of Global Energy Metals were up 10% at C$0.055 on Thursday. 

Contact Katie Lewis at [email protected]

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