Global Energy Metals Inc (CVE:GEMC) announced encouraging news Friday that it has closed its oversubscribed private placement, raising more than $813,000 for exploration and development at the Lovelock mine and Treasure Box projects in Nevada.
Thanks to investor interest, the junior miner issued 16.27 million shares priced at $0.05 apiece for gross proceeds of $813,500.
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.
The Vancouver-based company plans to use the proceeds of the offering to fund exploration work at its Lovelock mine and Treasure Box projects in Nevada, as well as general working capital.
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.
Closing of the placement is subject to regulatory approval. All securities issued in connection with the private placement will be subject to a hold of four months and a day from the closing date per securities laws.
Shares of Global Energy Metals were trading at $0.08 in Toronto on Friday.
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