GLOBAL ENERGY METALS CORP (CVE:GEMC) reported its listing on the CVE and that it has completed and oversubscribed its initially reported non-brokered private units placement at a rate of C$0.15 a unit. The firm issued around 8.433 million units at a rate of $0.15/unit for gross proceeds of over C$1.265 million, surpassing the maximum offering of C$1.1 million as mentioned in the firm’s PR dated February 15, 2017.
Mitchell Smith, the CEO and President of Global Energy, reported that it is a thrilling time for the cobalt material and battery metals industry with demand outdoing supply and battery manufactures climbing to get their supply chains. The financing’s success showcases shareholder confidence in company’s position and approach as a Canadian pioneer in what is turning an extremely robust cobalt industry.
Funds raised will boost corporate growth via advancement of its Canadian main cobalt project together with expected further acquisitions into innovative cobalt assets. Effective from March, the common shares of the firm started trading on the TSX Venture platform under the ticker GEMC.
The Units presented under the Concurrent Financing comprise of Global Energy common share and company’s common share buy warrant. Each warrant permitting the holder to get one additional common stock of the firm priced at CAD $0.30 until close of February 2018.
The Warrants comprise an acceleration guideline, whereby in the event the daily “VWAP” of the common stock of GEMC is minimum CAD $0.40/share for 10 successive trading days, the stock will have the privilege to fast-track the expiry date of the Warrants to the extent is one month subsequent to the notice is given to the warrants holders of the fast-tracked expiry date and a press release to that impact is laid.
As per valid securities legislation and the guidelines of the TSX Venture Exchange, all stocks released under the Concurrent Financing are reliant to a hold period until July 2017.