leadf
logo-loader
viewGlobal Energy Metals Corp

Global Energy Metals issues shares, makes cash payment as consideration for acquisition of interest in Lovelock Mine and Treasure Box projects

Located in the Stillwater Range, Churchill County, Nevada, the projects are being acquired from Primus Resources and Nevada Sunrise Gold

Global Energy Metals Corp -
In connection with the acquistion of these strategic assets, the properties will be held in GEMC's newly established US Battery Metals Corp. subsidiary

Global Energy Metals Corporation (CVE:GEMC) (OTCMKTS:GBLEF) (FRA:5GE1) said it has issued shares and made a cash payment as consideration for its acquisition of an 85% interest in the Lovelock Mine and Treasure Box Projects.

Located in the Stillwater Range, Churchill County, Nevada, the projects are being acquired from Primus Resources L.C. and Nevada Sunrise Gold Corp. under the terms of an asset purchase agreement dated April 3, 2020.

READ: Global Energy Metals forms US subsidiary to capitalize on rising interest in the electric vehicle supply chain

In a statement, Mitchell Smith, president & CEO, director of Global Energy Metals commented: "When undertaking and completing on a corporate restructuring and financing like we have in the past month it is critical to decide how the company should emerge from the onset. Not only have we held steadfast to our battery minerals focused vision for Global Energy Metals but we are even more confident in the direction critical minerals like cobalt, nickel, copper and others will take as the world transitions to clean energy technologies including vehicle electrification and new energy storage.

"The addition of Lovelock and Treasure Box, two Nevada-based highly prospective cobalt-nickel and cobalt-copper projects, strengthens our existing jurisdictionally safe asset portfolio and solidifies our positioning within the battery supply chain as we continue to build an investment vehicle for shareholders to gain valuable exposure to the ever-increasing demand for battery minerals linked to the electro-mobility investment mega-trend."

In connection with the acquistion of these strategic assets, the properties will be held in GEMC's newly established US Battery Metals Corp., a new US-listed vehicle and wholly-owned subsidiary of Global Energy Metals that forms an important role in the company's overall objective of providing its shareholders with exposure to eMobility and the trend towards energy transition, clean energy storage and associated infrastructure investment.

The Nevada-based projects, located in close proximity to end-use regional battery manufacturing capacity, provide the company and its shareholders with high-potential, growth-stage exploration projects in a well established and proven mining district.

The purchase price for the properties is comprised of (i) a cash payment of US$35,000 to Primus, which has now been paid; (ii) 1,000,000 common shares of Global Energy Metals at the deemed price of C$0.10 a share, which have now been issued to Primus; and (iii) 750,000 common shares of Global Energy Metals at the deemed price of C$0.10 a share, which have now been issued to Nevada Sunrise.

The cash payment was funded through the proceeds of the previously announced oversubscribed non-brokered private placement. The shares issued to Primus and Nevada Sunrise will be subject to voluntary escrow provisions in addition to applicable statutory and exchange imposed hold periods.

Global Energy Metals is focused on offering investment exposure to the raw materials deemed critical for the growing rechargeable battery market, by building a diversified global portfolio of battery mineral assets including project stakes and sector-specific equity positions.

It anticipates growing its business through the acquisition and development of battery mineral projects alongside key strategic partners. The company holds 100% of the Millennium Cobalt Project and two neighbouring discovery stage exploration-stage cobalt assets in Mount Isa, Australia positioning it as a leading cobalt-copper explorer and developer in the famed mining district in Queensland, Australia.

Additionally, the company holds a 70% interest in the past-producing Werner Lake Cobalt Mine project in Ontario, Canada.

Contact the author at jon.hopkins@proactiveinvestors.com

Quick facts: Global Energy Metals Corp

Price: 0.2 CAD

TSX-V:GEMC
Market: TSX-V
Market Cap: $3.67 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Global Energy Metals Corp named herein, including the promotion by the Company of Global Energy Metals Corp in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Global Energy Metals remains focussed on advancing their assets in Nevada...

Global Energy Metals (CVE: GEMC- OTCQB: GBLEF) President and CEO Mitchell Smith joined Steve Darling from Proactive Vancouver to share details about the moves made by the company over the last few months that has seen them triple their market cap. Smith also told Proactive what he sees as the...

2 weeks ago

3 min read