Cobalt-focused Global Energy Metals Corp (CVE:GEMC) said it had completed an oversubscribed private placing, raising gross proceeds of around C$1.12mln.
Due to increased investor interest, the offering was oversubscribed with a total of around 9.3mln units were issued at 12 Canadian cents each.
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"The closing of this placement, including strong support from the U.K., allows GEMC to advance quickly the work programme at the advanced Millennium cobalt project in Australia, as well as our continued evaluation of additional high-quality cobalt targets with capacity for scale and economic grades," said Mitchell Smith, president and chief executive.
The funds will go towards expansion and exploration drilling at the company's recently announced Millennium cobalt project in Australia, as well as for general corporate and working capital.
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Each unit consisted of one share and one share purchase warrant, with each entitling the holder to buy a company share at 20 Canadian cents for 30 months from closing.