Global Energy Metals Corp (TSX-V:GEMC) told investors it has received gross proceeds of $582,420 from the exercise of 7,280,250 share purchase warrants at $0.08 per share under its early warrant exercise incentive program.
As an incentive for the early exercise of their share purchase warrants, the company said warrant holders received an additional 7,280,250 new share purchase warrants. Each incentive warrant entitles the holder to buy one company share for 12 months from the date of issuance of the warrant for $0.15.
“We are pleased with the shareholder support and positive outcome of this incentive program,” Global Energy Metals CEO and director Mitchell Smith said in a statement. “While strengthening our cash position it also demonstrates investor confidence in the execution of Global Energy’s business plan in providing shareholders investment exposure to the battery metals space through our strong project and equity-based portfolio.”
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Global Energy Metals noted that the incentive warrants are subject to a four-month hold period from the date of issuance. They are also subject to an accelerated expiry if the volume-weighted average price of the common shares is greater than or equal to $0.20 for any 10 consecutive trading days and, if the company has given notice, the incentive warrants will expire 30 days following the date of the notice.
The company said the balance of the warrants not exercised under the program will remain outstanding and continue to be exercisable for its common shares on their current terms, until March 15, 2023, when any warrants that remain unexercised will expire and be cancelled.
The incentive program is subject to the final acceptance of the TSXV, the company added.
Global Energy Metals is a multi-jurisdictional, multi-commodity critical mineral exploration and development company focused on growth-oriented battery metal projects supporting the global transition to clean energy.
Contact the author at stephen.gunnion@proactiveinvestors.com