Global Energy Metals said it intends to close its previously announced non-brokered private placement upon TSX Venture Exchange approval for gross proceeds of C$316,561.
The proceeds will be used for project evaluation and for working capital and general corporate purposes, the company said.
For the offering, it will issue 3,165,608 shares at a price of C$0.10, above the stock’s current price of about C$0.08.
Insiders, including Gleason and Sons LLC, officers, and directors of the company will purchase 2,765,608 shares.
“The company is extremely pleased to announce the closing of this oversubscribed non-brokered offering with significant insider participation at an above-market price,” Global Energy CEO Mitchell Smith said in a statement.
“We are excited to have Mr Gleason increase his ownership in the company and appreciate his support as GEMC’s investment exposure to battery metals strategy is being realized.”
Global Energy Metals 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.
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