Global Energy Metals Corp. (TSXV:GEMC | FSE:5GE1) (“Global Energy Metals”, the “Company” and/or “GEMC”) announces a strategic partnership with UK based Glenpani Capital Limited. Glenpani has introduced experienced high net worth investors within the natural resource sector to participate in the previously announced private placement and will provide continued market support.
Glenpani will aid the GEMC team in their efforts to expand GEMC’s exposure to UK capital through its significant network of high net worth and institutional investors interested in the cobalt and battery metals spaces.
In addition, Glenpani will work with GEMC to introduce projects that meet the company’s acquisition framework. GEMC is currently reviewing project information for energy metal opportunities in strategic jurisdictions in Australia, including the Pilbara region, and in North America.
“I am excited to welcome London based Glenpani Capital as a valuable and strategic partner,” commented GEMC President and CEO Mitchell Smith. “This new relationship will further enhance our market presence in the UK and allow us to accelerate growth through access to additional capital and project generation.”
Glenpani Capital Directors, Paul Johnson & Burns Singh T Bhohi commented, “We began speaking with Global Energy Metals some months ago, Mitchell and the team have been receptive, engaged and excellent communicators.
Natural resource equity markets have been through a challenging period, for many years. The past 12-months has seen the reintroduction of capital, improved liquidity conditions and is readying for what we believe will be a powerful move.
Cobalt is becoming a supply-deficient metal within commercial and social economies and is driving, increasing Electric Vehicle demand. Consumer demand is a considerable variable when assessing natural resource opportunities and cobalt projects of merit will attract broad market participants. GEMC’s acquisition mandate is refined and the company’s developmental processes are conducive to delivering value to shareholders and creating, broader market interest. Mitchell and the people behind GEMC have been developing a cobalt mandate for nearly 10-years and Glenpani are excited to be working with the team.”
As announced previously, the proceeds from the Private Placement will be used for resource expansion and exploration drilling at the Company’s recently announced option for the Millennium Cobalt project in Mt. Isa, Australia and be used for general corporate and working capital requirements.
The main aims of the program have been structured to maximise drill meterage and increase the resource tonnage and confidence of the JORC resource categorisation from inferred to indicated. The Company believes that the project can be grown substantially and this work program will form the basis for further advancement.
On October 11, 2017, GEMC announced a Private Placement for up to $1 million to fund the development of the Millennium Cobalt Project.
The Company has amended the Subscription Agreement to redefine the definition of “Warrant” and replaced it with the following:
- oo”Warrant” means a transferable share purchase warrant entitling the holder to acquire one Common Share at a price per share of $0.20 for a period of 30 months following the Closing Date, subject to accelerated expiry as outlined below.
The following definition is added to section 1 of the Subscription Agreement:
- oo”Trading Day” means a day on which the Exchange is open for trading.
The following section is added to section 2 of the Subscription Agreement:
- ooAccelerated Expiry of the Warrants. If on any 10 consecutive Trading Days occurring after four months and one day has elapsed from the Closing Date, the daily volume weighted average trading price of the common shares of the Company is at least $0.30 per share, the Company may accelerate the expiry date of the Warrants to the 30th day after the date on which the Company gives notice to the Subscriber in accordance with the Warrant of such acceleration and issues a news release to that effect.
All securities issued pursuant to this Private Placement will be subject to a four month hold period. The Private Placement is subject to acceptance by the TSX Venture Exchange (the “Exchange”) and the Company may pay a finders’ fee in respect of certain subscribers under the Private Placement in accordance with policies of the Exchange.
Global Energy Metals Corporation (TSXV:GEMC | FSE:5GE1)
Global Energy Metals is focused on offering security of supply of cobalt, a critical material to the growing rechargeable battery market, by building a diversified global portfolio of cobalt assets including project stakes, projects and other supply sources. GEMC anticipates growing its business by acquiring project stakes in battery metals related projects with key strategic partners. Global Energy Metals currently owns and is advancing the Werner Lake Cobalt Mine in Ontario, Canada and has entered into an agreement to earn-in to the Millennium Cobalt Project in Mt. Isa, Australia.
For Further Information:
Global Energy Metals Corporation
#1501-128 West Pender Street
Vancouver, BC, V6B 1R8
t. + 1 (604) 688-4219 extensions 236/237
Cautionary Statement on Forward-Looking Information:
Certain information in this release may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with regulatory approvals and timelines. Although Global Energy Metals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change. For more information on Global Energy and the risks and challenges of their businesses, investors should review the filings that are available at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
We seek safe harbour.