Global Energy Metals Corporation (GEMC) said it has entered into a mineral claim purchase agreement with Nevada Sunrise Metals Corporation to consolidate 100% ownership of the Lovelock Mine and Treasure Box projects in Nevada.
The transaction will increase GEMC’s current interest in the two battery metals projects from 85% to 100%.
GEMC believes holding 100% ownership will simplify decision-making and provide the optional structure to rapidly explore and develop the projects, in addition to enhancing its ability to source capital to develop the projects when compared to the current joint venture ownership structure.
“By assuming full control of the projects, GEMC will create a strong platform from which to develop and fund these battery mineral projects,” commented GEMC CEO Mitchell Smith in a statement.
“We look forward to continuing to deliver long-term value for our shareholders by unlocking the potential of these critically important technology-enabling metals.”
Consideration will be paid in GEMC shares, with the company to issue 2.5 million shares to Nevada Sunrise. The shares will vest in four equal installments of 625,000 shares on the 4th, 6th, 9th, and 12th months from issuance.
GEMC offers investment exposure to the growing rechargeable battery and electric vehicle market by building a diversified global portfolio of exploration and growth-stage battery mineral assets.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie