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Global Energy Metals closes first tranche of $500,000 private placement

The proceeds will be funneled into marketing and used as general working capital
A chunk of earth with rare earth metals including cobalt
The company is currently in the process of acquiring the Millennium cobalt project, as well as the Mount Dorothy and Cobalt Ridge project

Vancouver-based Global Energy Metals Corp (CSE:GEMC), which invests in metals and mining projects, announced Monday that it has closed the first tranche of a $500,000 non-brokered private placement.

The company made the placement to strategic investors at $0.075 cents per unit for gross proceeds of $276,389. A total of 3.68 million units will be issued to complete the first tranche, disclosed a company statement.  

Each unit will include one share and one warrant which will be exercisable to purchase an additional company share for a period of 12 months from the closing date at a price of $0.15.

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.

READ: Global Energy Metals bolsters board with new appointees

The company said proceeds of the financing will be used as general working capital and for marketing purposes. A finder's fee is payable to qualified recipients as permitted by the TSX Venture Exchange.

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.

Shares of Global Energy Metals were down 3.2% to US$0.058 in the OTC Markets and at C$0.09 in Canada Monday.

 

Contact Uttara Choudhury at [email protected]

Follow her on Twitter@UttaraProactive 

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