Global Energy Metals Corp (TSX-V:GEMC) announced its intention to close an upsized non-brokered private placement, subject to TSX Venture Exchange approval.
CEO Mitchell Smith expressed satisfaction with the strong response to the private placement.
“To accommodate several existing strategic investors, we were pleased to increase the offering and close on this upsized financing,” Smith said in a statement.
The offering comprises 21.65 million units at $0.03 per unit, totaling $649,500.
Each unit includes one common share and one-half of a transferable share purchase warrant. Each whole warrant allows the purchase of an additional share at $0.05 for 24 months from issuance, with potential accelerated expiry.
Company insiders subscribed to 17,533,333 units for a total subscription price of $526,000 under the private placement.